The United Kingdom government stated on Wednesday that it has granted the Todd Boehly/Clearlake Consortium a license
to sell Chelsea. According to rumors, Todd Boehly is ‘on track’ to complete his acquisition of Chelsea Football Club by May 31. Since his offer was revealed to be Raine Group’s preferred proposal, the American businessman has been the favourite to take up the club from current owner Roman Abramovich.
Chelsea have been on the market since the beginning of March, but a deal is expected to be concluded in the coming weeks.
Following Russia’s invasion of Ukraine, the club was placed up for sale after Roman Abramovich was sanctioned by the authorities for his ties to Vladimir Putin.
The Premier League formally accepted the Boehly-led buyout valued at £4.25 billion ($5.33 billion) on Tuesday.
“Late last night the UK government reached a position where we could issue a license that permits the sale of Chelsea.” a government spokesperson said in a statement on Wednesday.
The UK government statement added: “Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea has been able to continue to play football. But we have always been clear that the long-term future of the club could only be secured under a new owner.
“Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual. We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war.
“The steps today will secure the future of this important cultural asset and protect fans and the wider football community. We have been in discussions with relevant international partners for the necessary licenses required and we thank them for all their cooperation.”
Abramovich first stated that he would write off a £1.6 billion loan due to him by Chelsea. Camberley International Investments, which would donate the funds to Ukrainian war victims.
The UK government had reservations about Camberley’s ownership.
Although, negotiations focused on whether the sale money which is divided into a £2.5 billion asking price plus a commitment of £1.75 billion additional investment into the club – could be held in a holding account until the destination of the funds was finalized, allowing the sale to be completed.
Chelsea had been operating on a special government permit that was set to expire on May 31.
On Tuesday, the Premier League confirmed the bid’s clearance and identified the consortium as Clearlake Capital Group, L.P. associates Todd Boehly, Hansjorg Wyss, and Mark Walter.
Mairead McGuinness, the “Commissioner for Financial Services, Financial Stability, and Capital Markets Union,” said today that they had “got the required guarantees that the sale of Chelsea is completely compliant with sanctions laws.”
McGuinness further confirmed that the net revenues will be used “exclusively for humanitarian objectives in Ukraine,” as Roman Abramovich has stated from the start.
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