Chelsea sale gets green light from UK government
LONDON: The British government announced yesterday it had approved Todd Boehly’s £4.25 billion (US$5.3 billion) purchase of Chelsea football club from the sanctioned Russian oligarch Roman Abramovich.
Secretary of State for Digital, Culture, Media and Sport Nadine Dorries said she had issued a licence permitting the deal, hours after it won approval from the Premier League on Tuesday evening.
“We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals,” Dorries tweeted.
“Given the sanctions we placed on those linked to [Russian President Vladimir] Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner,” she said.
A consortium led by Boehly, a co-owner of baseball’s Los Angeles Dodgers, had agreed a record deal to buy the club from Abramovich earlier this month.
The Russian put Chelsea on the market in early March, just before he was sanctioned by Britain following Russia’s invasion of Ukraine.
Completion of the takeover has been a lengthy process due to government concerns over the potential for Abramovich to profit from the sale. Earlier this month, the deal seemed close to collapse over concerns proceeds would not reach good causes as promised by the outgoing owner.
The Russian, who bought Chelsea in 2003, denied he had asked for his £1.5 billion loan to the club be repaid when the sale was concluded.
The total value of the deal smashes the previous record for the sale of a sports team — $2.4 billion for the New York Mets baseball franchise in 2020.
The Blues will be now be able to return to business as usual —and there will be no time to lose in reconfiguring the playing squad.
Boehly has a track record of delivering both stadium improvement and sporting success with the Dodgers.