As Roman Abramovich’s 19-year reign as owner of Chelsea draws to a close, the Premier League board has authorized the Todd Boehly/Clearlake Consortium’s proposed takeover.
Boehly, a co-owner of the Los Angeles Dodgers, had previously agreed to buy the Blues for £4.25 billion, with Roman Abramovich’s 19-year ownership reign coming to an end.
The total investment will cost £4.25 billion ($5.2bn) with £2.5bn ($3.2bn) ending up being the sale price of the club and an agreement in place that £1.75bn (2.1$bn) will be invested over 10 years.
A statement from the Premier League on Tuesday evening May 24, read:”The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly / Clearlake Consortium.”
“The purchase remains subject to the Government issuing the required sale licence 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, L.P., Todd Boehly, Hansjorg Wyss and Mark Walter.
“Chelsea FC will now work with the relevant Governments to secure the necessary licences to complete the takeover.”
Boehly is a co-owner of the Los Angeles Dodgers of Major League Baseball (MLB) and a minority investor in the Los Angeles Lakers of the National Basketball Association (NBA).
When the takeover is finalized, the US magnate will become Chelsea’s controlling owner, though California investment firm Clearlake Capital will take over the majority shareholding.
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