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Friday, December 02, 2022

Premier League acquires Chelsea by Boehly-led consortium

The Boehly-Clearlake union, which agreed terms to acquire Chelsea for $5.33 billion earlier this month, has passed the Premier League Owners and Directors Test, the league said on Tuesday, paving the way for the club’s takeover .

With a week left before the club’s current operating license expires on 31 May, the proposal requires approval from the British government before the consortium can complete the takeover.

“The Board has extended the Premier League Owners and Directors Test to all potential directors and has taken the necessary precautions,” the league said in a statement.

“The members of the consortium that bought the club are affiliates of Clearlake Capital Group, LP, Todd Boehli, Hansjörg Wyss and Mark Walter.”

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

Roman Abramovich
Roman Abramovich put the London club up for sale in early March following Russia’s invasion of Ukraine.
Getty Images

A source familiar with the situation told Reuters that the British government is ready to approve the sale after being assured by Chelsea’s Russian boss Roman Abramovich.

Currently subject to sanctions by the British government, Abramovich put the London club up for sale in early March following Russia’s invasion of Ukraine, which Moscow calls a “special military operation”.

Abramovich dismissed reports that he wanted to repay a loan owed to the club, which reportedly amounted to $1.88 billion.

Todd Boehley
Boehly is part owner of the Los Angeles Dodgers.
Getty Images

Chelsea previously confirmed that all proceeds from the sale, which will be held in a frozen UK bank account, will be donated by Abramovich to charitable causes.

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Boehly, who is part owner of the Los Angeles Dodgers, co-founded Eldridge Industries, a Connecticut-based holding company.

Groups led by Boston Celtics co-owner Stephen Pagliuca and former British Airways chairman Martin Broughton were previously dropped from the bidding process, while the Ricketts family, a union led by Chicago Cubs owners, pulled out of the race.

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