Premier League

Premier League Board approves Chelsea takeover led by Todd Boehly

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Key Speakers At The 2021 Milken Conference
Todd Boehly is edging closer to completing his takeover of Chelsea (Picture: Getty Images)

The Premier League Board have confirmed their approval of the Todd Boehly-led takeover of Chelsea Football Club.

A statement was issued on Tuesday evening confirming that the Boehly/Clearlake Consortium has been approved and now the £4.25bn purchase is subject to Government approval to be completed.

A statement read: ‘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 Government issuing the required sale licence and the satisfactory completion of the final stages of the transaction.

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

‘Chelsea FC will now work with the relevant Governments to secure the necessary licences to complete the takeover.’

The BBC report that a deal with government could be struck as quickly as Tuesday night, with ‘some final technical details being discussed.’

LA Dodgers co-owner Boehly has led the consortium to buy the Blues from Roman Abramovich, while Californian private equity firm Clearlake Capital will own a majority of shares and other investors include billionaires Hansjorg Wyss and Mark Walter.

Chelsea have been operating under a special government licence since sanctions were placed on Abramovich, with that licence expiring on 31 May.

The successful sale will mean they will be able to return to normal operations and both buy and sell players during the summer transfer window.

MORE : Chelsea willing to listen to offers for out-of-favour winger Hakim Ziyech

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