The government of the United Kingdom has approved the £4.25bn Todd Boehly-led consortium takeover of Chelsea hours after the Premier League board did the same on Tuesday, May 24, 2022.
This has been the most important step Todd Boehly-led consortium has been waiting for in the process to take charge of the Premier League club.
Recall that Chelsea’s former owner, Roman Abramovich had to put Chelsea up for sale on March 2, 2022, a few days before the UK government sanctioned him for his ties with President Vladimir Putin of Russia who ordered the invasion of Ukraine.
Due to the sanction the UK government slammed on the 55-year-old Russian billionaire, the bank account of Chelsea was frozen and the club was banned from carrying out a series of financial operations.
Hence, the club had to wait for a new owner to be approved by the Premier League and the government before the club can return to full business. Chelsea got that on Tuesday night, May 24, 2022, when the government approved the £4.25bn Todd Boehly-led consortium takeover of the club.
The negotiations between the Todd Boehly-led consortium and the government had to be prolonged because the government wanted to ensure that the proceeds from the sale of Chelsea doesn’t get to Abramovich or any other person that the UK government has sanctioned.
After the government had ensured that the proceeds would not get to Abramovich and any sanctioned individual, the Todd Boehly-led consortium got the official nod to take charge of Chelsea.
A statement from the government read: “Late last night the UK Government reached a position where we could issue a license 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 the necessary licences required and we thank them for all their cooperation.”
This means that Roman Abramovich’s era which lasted for over 19 years is officially over. Note that the Russian billionaire who bought Chelsea in 2003 made the club a serial winner by investing heavily in the club’s squad.
Abramovich’s heavy investment in the squad helped Chelsea’s men’s team to win 21 major trophies and made the club an elite European club within 19 years.
SSN discuss the breaking news that the UK government has issued a license that permits the sale of Chelsea to the Todd Boehly-led consortium ⬇ pic.twitter.com/gaoFOVzY78— Sky Sports News (@SkySportsNews) May 25, 2022