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Chelsea takeover approved – Premier League confirm passes owner and director test

1 month ago
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The formal announcement of the Chelsea takeover is now imminent.

Tuesday (24 May 2022) night having seen the Premier League confirm that the owner and director test has been satisfied.

All that is needed now is government approval, which appears to be a formality.

Newcastle United fans and other clubs having watched on from a distance, wondering if there was going to be any damage to the Stamford Bridge club, following almost two full decades of Roman Abramovich buying the club trophy after trophy as the media and authorities watched on, as Chelsea were allowed to do pretty much as they wanted.

What comes after this Chelsea takeover remains to be seen but the new imminent owners in waiting have claimed that they will be making major investment in their new business.

BBC Sport report on Chelsea takeover – 24 May 2022:

‘The Premier League has approved the £4.25bn takeover of Chelsea by a consortium led by LA Dodgers co-owner Todd Boehly.

The league says the consortium has passed its owner’s and directors’ test.

The Premier League club was put up for sale before owner Roman Abramovich was sanctioned over his links to Russian president Vladimir Putin.

The purchase remains subject to the Government issuing the required sale licence.

The final stages of the transaction will then need to be completed.

The government does not want Abramovich to make any proceeds from the sale but sources are optimistic about a deal being finalised on Tuesday night.

“We now believe everyone will be ready to issue the necessary licences” said one insider.

“The last remaining hurdle boils down to a number of final technical details that are being discussed with the club.”

Earlier this month the deal had seemed close to collapse over concerns proceeds would not reach good causes as promised by Abramovich.

Abramovich denied that he had asked for his £1.5bn loan to Chelsea be repaid when the club was sold.

Several parties expressed an interest but Chelsea agreed to sell to the Boehly-led consortium earlier in May.

The consortium is led by Boehly but Clearlake Capital, a Californian private equity firm, would own a majority of the shares in Chelsea. Other investors include US billionaire Mark Walter, also a co-owner of the LA Dodgers, and Swiss billionaire Hansjoerg Wyss.

Chelsea have been allowed to continue operating under a special government licence which expires on 31 May.’

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