Chelsea Football Club are under new ownership after the UK government approved Todd Boehly’s £4.25 billion takeover.
Roman Abramovich put the Blues up for sale in April after having his assets frozen due to his close links with Russian president Vladimir Putin in light of the war in Ukraine.
Following months of negotiations, the Premier League, through its owners’ and directors’ test and the UK government, have passed a takeover bid led by Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss.
It brings an end to Abramovich’s 19-year ownership of the West London club, with the deal now in the process of being properly finalised.
A statement read: “Late last night (Tuesday) the UK Government reached a position where we could issue a licence that permits the sale of Chelsea Football Club.
“Following the sanctioning of Roman Abramovich, the Government has worked hard to ensure Chelsea Football Club 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.
“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 steps today 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 co-operation.”
Boehly is the co-founder, chairman, CEO, and controlling member of Eldridge Industries, a Connecticut-based holding company, as well as the interim CEO of the Hollywood Foreign Press Association.
With regards to his other sporting ventures, the businessman is co-owner of MLB franchise, the LA Dodgers, and as of last year, is also a minority stakeholder in famed NBA outfit, the LA Lakers.
Where does Boehly & Co’s reported rank in the Premier League owners’ rich list? NewcastleWorld takes a look: