Breaking News

Chelsea takeover one closer after Premier League Proposal

The Premier League Board has approved a proposed takeover of Chelsea by the Todd Boehly/Clearlake consortium with all eyes now on the government to push through the sale.

The government is expected to approve the takeover of Chelsea in the next week after also receiving legal guarantees that Roman Abramovich will not benefit from the sale of Chelsea meaning that they can approve the £4.25bn deal.

The Premier League added in a statement: "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."

Sky Sports News understands the proceeds of the sale are going into a frozen bank account controlled by the government.

Abramovich is also sanctioned by the European Union and, as he has a Portuguese passport, the sale has to be approved by the Portuguese authorities.

UK officials continue intense discussions with both the European Commission and their Portuguese counterparts in an effort to complete the sale of Chelsea as quickly as possible, yet the complexity and bureaucratic nature of the deal mean the process could slow down.

No comments