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Premier League board approve Chelsea takeover by Boehly group / Photo: Glyn KIRK - AFP
NYSE - LSE
Premier League board approve Chelsea takeover by Boehly group
Todd Boehly's proposed takeover of Chelsea moved a step closer to completion on Tuesday when the Premier League board announced it had approved his purchase of the London club.
A consortium led by Boehly, a co-owner of baseball's Los Angeles Dodgers, had already agreed a £4.25 billion ($5.3 billion) deal to buy the Premier League club from owner Roman Abramovich on May 7.
And a Premier League statement said Tuesday: "The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake Consortium.
"The purchase remains subject to the (British) Government issuing the required sale licence and the satisfactory completion of the final stages of the transaction."
Russian billionaire Abramovich put Chelsea on the market in early March, just before he was sanctioned by the British government following Russia's invasion of Ukraine.
Completing the purchase has been a lengthy process due to government concerns over the potential for Abramovich to profit from the sale.
But earlier on Tuesday, a spokesman for Prime Minister Boris Johnson confirmed the government were working with the club over the deal.
"We are working closely with Chelsea to progress the sale," the spokesman said.
"We are holding intense discussions with the relevant international partners to get the necessary approvals and we will set out further details as soon as we can."
(S.G.Stein--BBZ)
