BREAKING: UK government finally issue licence to Todd Boehly after latest development
The Premier League approved Todd Boehly’s consortium takeover as new Chelsea owners on Tuesday, pending authorisation from the government.
The Todd Boehly/Clearlake Consortium has been granted permission by the UK government to complete their takeover of Chelsea.
The mandatory Owners’ and Directors’ Test was passed by the consortium.
The buyout had been contingent on the government obtaining the necessary sale license, but that possible stumbling block has now been removed.
A government spokesperson said: “Late last night 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 cooperation.”
However, Roman Abramovich who was sanctioned by the UK government, has now legally agreed to allow his £1.6bn loan to Chelsea to be placed in a frozen account under government control.