Done deal: New Chelsea owner finally ‘signs contract to buy Chelsea from Roman Abramovich in a huge deal
According to reports, Todd Boehly’s consortium has signed an agreement to buy Chelsea Football Club.
This comes after the club held exclusive talks with Chelsea in order to finalize a deal.
According to Matt Law, the agreement has finally been inked in a £4 billion deal that will see Boehly’s firm take over Chelsea from Roman Abramovich.
After a week of intensive talks, the group has been submitted to the government for approval, and the Premier League must also approve it.
The Premier League has already completed the Owners and Directors Test, therefore it is expected that the party will be approved quickly.
The signing of the purchase agreement, which is the pledge that transfers the seller’s shares to the buyer, is considered the most critical stage in the Chelsea selling process thus far.
Chelsea needs to be taken over by May 31, when the current operating license that allows Abramovich to run the club expires.
As Boehly appears to have won the contest for Chelsea, the government must now approve new licenses prior to the sale.
The company agreed to a set of ‘anti-Glazer’ measures, which should alleviate worries about Clearlake Capital’s involvement.
These restrictions are thought to prevent the group from paying dividends or management fees until 2032, block the sale of any Chelsea shares for ten years, and impose tight debt limits.
As Chelsea prepares for the future under Boehly, they should have their new owner in place sooner rather than later.