Premier League approves Chelsea takeover bid by Todd Boehly as process draws to a close

In a statement on Tuesday evening, the league confirmed that the Boehly-led consortium had passed the owner and directors test.

“The Premier League board today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake consortium,” the statement read.

“The purchase remains subject to government issuance of the required sales license and satisfactory completion of the final stages of the transaction.

“The board has applied the Premier League’s Owners and Directors Test (OADT) to all potential directors and has undertaken the necessary due diligence. The Consortium members buying the club are affiliates of Clearlake Capital Group, LP, Todd Boehly, Hansjorg Wyss and Mark Walter.

“Chelsea FC will now work with the relevant governments to secure the necessary licenses to complete the takeover.”

The Premier League was still expected to approve the deal as it focuses on investors rather than Roman Abramovich’s profits.

This is the concern of the government and the process has yet to be signed off at this level after weeks of talks. Earlier this month, Abramovich issued a statement via Chelsea denying reports that he has asked to be repaid the £1.5billion debt owed to him.

A deadline of May 31 has been set by the government, when the special license the club operates under expires. Approval from the European Commission is also required due to Abramovich’s status as an EU citizen.

“We are working closely with Chelsea to move the sale forward,” the prime minister’s official spokesman said on Tuesday.

“We are in intense discussions with relevant international partners to obtain the necessary approvals and will provide further details as soon as possible.

“We want this process to be completed as soon as possible while ensuring that the sanctions regime is protected, but we will say more about that as soon as possible.”

Boehly and Chelsea boss Thomas Tuchel understandably want the takeover to be completed as soon as possible to end 12 weeks of uncertainty, with the German already admitting the club are ‘at a huge disadvantage’ in the transfer window due to restrictions currently in place.

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