LA Dodgers co-owner Todd Boehly and the Clearlake Consortium have had their £4bn takeover of Chelsea approved by the Premier League.
The acquisition of Manchester United and Manchester City's rivals still needs to go through Government approval but the announcement is a big positive step for the football club. It comes after former owner Roman Abramovich was sanctioned in March amid Russia’s invasion of Ukraine.
Chelsea are allowed to operate under a special licence until the end of this month. But for the takeover, the club would have still been unable to negotiate contracts or purchase players beyond that point going into the summer.
READ MORE: Manchester United owners the Glazers exploring 'takeover' of Indian football club
There were doubts raised over the completion of the deal earlier this month due to concerns over where proceeds would go. But now Boehly - who leads a Californian consortium which includes billionaire duo LA Dodges co-owner Mark Walter and Swiss businessman Hansjoerg Wyss - has been given the nod of approval by the Premier League.
A statement from the Premier League said: “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, L.P., 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.”
Sign up to our United newsletter so you never miss an update from Old Trafford this season
Sign up to our City newsletter so you never miss an update from the Etihad Stadium this season.
