Football

Premier League approves Todd Boehly-led bid

Premier League approves Todd Boehly-led bid
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The Premier League has formally approved the Todd Boehly-led takeover of Chelsea worth £4.25billion ($5.33 billion).

Sources told ESPN on May 18 that the consortium headed by the Los Angeles Dodgers part-owner was expected to pass the league’s owners and directors test, and that news was confirmed Tuesday.

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« The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly / Clearlake Consortium, » a Premier League statement read.

« The purchase remains subject to the Government issuing the required sale license 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.

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« Chelsea FC will now work with the relevant Governments to secure the necessary licenses to complete the takeover. »

The owners and directors test does not concern itself with where the sale money goes, however.

Talks are continuing between Abramovich, the UK government and the European Commission over how the sale proceeds will be distributed.

Abramovich initially indicated he would write off a £1.6bn loan owed to him by Chelsea, but sources have told ESPN he has subsequently asked for money to be paid into another company, Camberley International Investments, which would distribute it to victims of the war in Ukraine.

However, the UK government has reservations about the ownership of Camberley and negotiations are focusing on whether the sale money — which is broken down into a £2.5bn asking price plus a commitment of £1.75bn further investment into the club — can be kept in a holding account until the destination of the funds is finalized to allow the sale to be completed before the May 31 deadline.

The European Commission must also be satisfied because Abramovich holds a Portuguese passport, but sources on all sides still expect the sale to be completed in time.

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