Premier League approves Boehly’s £4.25bn Chelsea takeover

Premier League approves Boehly's £4.25bn Chelsea takeover
Fans watch Chelsea’s game at home to Wolves this month. Photograph: Eddie Keogh/Getty Images

The Premier League has given its approval to a consortium led by LA Dodgers co-owner Todd Boehly to buy Chelsea for £4.25 billion.

The consortium has passed the league’s owner and director criteria, according to the league.

Before owner Roman Abramovich was sanctioned for his ties to Russian President Vladimir Putin, the Premier League team was placed up for sale.

The acquisition is still contingent on the government providing the necessary sale license.

The transaction’s final phases will then need to be completed.

The government does not want Abramovich to profit from the sale, but sources say a deal might be reached as early as 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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