Government Set To Approve Chelsea Sale
The sale of Chelsea Football Club to the Todd Boehly-led consortium is edging closer with the government set to approve the deal in the next 24 hours, according to a BBC report.
Roman Abramovich is thought to have met the UK government requirements for the granting of a new sale licence for the club, having satisfied the government around how he will deal with his £1.5bn loan to the West London club. Proving that the Russian billionaire will not benefit from the club’s sale was a key aspect of the government sanctions, and the special licence that was provided to allow a sale to go through.
Abramovich is understood to have provided confirmation to the government that his associate Demetris Ioannides has resigned from the trust owning Camberley International, the company holding that £1.5 billion debt he intends to write off.
Los Angeles Dodgers co-owner Todd Boehly has already agreed a £4.25bn purchase of the Blues. US businessman Boehly will become Chelsea’s controlling owner once the takeover is complete, though California investment firm Clearlake Capital will assume the majority shareholding.
However, the BBC report states that a deal “still has major hurdles to overcome.” It is understood that, because owner Roman Abramovich has a Portuguese passport, the takeover needs to be licensed by authorities in that country too. Government ministers are now said to be in “intense discussions” with their counterparts at the European Commission to provide them the assurances they need to approve the deal.
There is a significant time pressure to complete the deal, with a number of football deadlines. The Football Association needs to nominate clubs for UEFA competition by the start of next month. The Premier League meets on 9th June to hand out licenses for next season.
The BBC also suggests that the Premier League’s own approval is close to completion. It reports that the Boehly consortium has passed the league’s owners and directors test which is another key requirement to push the sale through.
Chelsea is still currently still operating under a strict government operating license. Once Boehly’s takeover is complete the Blues will be able to return to business as usual.
Image: Shutterstock
