The Premier League has formally approved the Todd Boehly-led takeover of Chelsea worth £4.25billion ($5.33 billion).
Sources told ESPN on May 18 that the consortium headed by the Los Angeles Dodgers part-owner was expected to pass the league’s Owners’ and Directors’ Test and that news was confirmed on Tuesday.
– Tuchel: Boehly can be Chelsea’s ‘lucky charm’
– Don’t have ESPN? Get instant access
“The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly / Clearlake Consortium,” read a Premier League statement.
“The purchase remains subject to the Government issuing the required sale licence and the satisfactory completion of the final stages of the transaction.
“The Board has applied the Premier League’s Owners’ and Directors’ Test (OADT) to all prospective Directors, and undertaken the necessary due diligence.
“The members of the Consortium purchasing the club are affiliates of the Clearlake Capital Group, L.P., Todd Boehly, Hansjorg Wyss and Mark Walter.
“Chelsea FC will now work with the relevant Governments to secure the necessary licences to complete the takeover.”
The Owners’ and Directors’ Test does not concern itself with where the sale money goes, however.
Talks are continuing between Abramovich, the U.K government and the European Commission over how the proceeds of sale will be distributed.
Abramovich initially indicated he would write off a £1.6bn ($2bn) loan owed to him by Chelsea but sources have told ESPN he has subsequently asked for money to be paid into another company, Camberley International Investments, which would distribute the proceeds to victims of the war in Ukraine.
However, the U.K government has reservations about the ownership of Camberley and negotiations are focusing on whether the sale money — which is broken down into a £2.5bn ($3.13bn) asking price plus a commitment of £1.75bn ($2.19bn) further investment into the club — can be held in a holding account until the destination of the funds can be finalised to allow the sale to be completed before the May 31 deadline.
The European Commission must also be satisfied because Abramovich holds a Portuguese passport but sources on all sides still expect the sale to be completed in time.
