May 25, 2022
2 mins read

Nod for sale of Chelsea by Roman Abramovich

Earlier, the proposed takeover by the Todd Boehly/Clearlake consortium was approved by the Premier League Board, which sent the proposal for approval of the government…reports Asian Lite News

The government has given its nod for the proposed takeover of Premier League giants Chelsea by the Todd Boehly consortium for 4.25 billion pounds.

Chelsea’s Russian owner Roman Abramovich, under whom the club won five Premier League and two UEFA Champions League titles, had in February given the “stewardship and care” of the club to a charitable foundation in the wake of Russia’s aggression in Ukraine.

In March, Abramovich said he planned to sell the club. The Russian owner was left with little choice as a week later, he was sanctioned by the UK government for his links with President Vladimir Putin.

On Tuesday, the government approved the 4.25 billion pound takeover of Chelsea by a consortium led by LA Dodgers co-owner Todd Boehly, according to BBC.

Earlier, the proposed takeover by the Todd Boehly/Clearlake consortium was approved by the Premier League Board, which sent the proposal for approval of the government.

“Late last night the UK government reached a position where we could issue a licence that permits the sale of Chelsea,” a government spokesperson said in a statement on Wednesday, BBC reported.

“Following the sanctioning of Roman Abramovich (in March), 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,” the statement said,

The government will ensure that Abramovich does not receive any of the proceeds from the sale and that the money is donated to charity.

“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 statement added.

“The steps today (Tuesday) 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 necessary licences required and we thank them for all their cooperation.”

The deal was close to collapse earlier this month over fears that the proceeds might not “reach good causes as promised by Abramovich”, the report said.

The report added that the consortium, led by Boehly, will have Clearlake Capital — a Californian private equity firm — as the majority shareholder in Chelsea. “Other investors include US billionaire Mark Walter, also a co-owner of the LA Dodgers, and Swiss billionaire Hansjorg Wyss,” the report said.

ALSO READ-Boris prepares for partygate report release

Previous Story

Jeremy Corbyn meets Rahul Gandhi in London

Next Story

UK govt warns of surge in prices of staple products

Latest from -Top News

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with

India-EU Trade Deal Breakthrough Soon?

Negotiators report increased momentum in discussions, which have been given a boost from US President Donald Trump’s tariff offensive…reports Asian Lite News India and the European Union aim to finalise a trade

Europe Seeks Peace in Gaza

European countries condemn Israeli interception of Gaza-bound flotilla, demand safety of citizens…reports Asian Lite News Israel’s interception of an international flotilla carrying humanitarian aid to Gaza has sparked condemnation across Europe, with

GAZA: Egypt to Host Peace Talks

Egypt hopes the discussions will help “end the war and the suffering of the brotherly Palestinian people, which has continued for two consecutive years…reports Asian Lite News Egypt will host Israeli and

‘My Injuries Made Me’

During his four-year battle with injury, the incumbent fast bowling spearhead made occasional appearances but couldn’t bear the workload and demands of red-ball cricket….reports Asian Lite News England tearaway Jofra Archer believes
Go toTop

Don't Miss

Chelsea Make Euro History

Chelsea’s total of 42 goals in the UEFA Conference League

Abramovich wants to get rid of Chelsea quickly

Abramovich gave “stewardship and care” of Chelsea to its foundation