UK government has approved the £4.25bn proposed takeover of Chelsea Football Club by Todd Boehly-led consortium.
The approval comes after the government received legal guarantees that Roman Abramovich whose UK assets has been frozen following Russia’s invasion of Ukraine will not benefit from the sale.
“Last night the Government issued a licence that permits the sale of Chelsea,” said culture secretary Nadine Dorries. “Given the sanctions we placed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner.
“We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals. I want to thank everyone, especially officials who’ve worked tirelessly to keep the club playing and enable this sale, protecting fans and the wider football community.”
The takeover was on Tuesday approved by the Premier League, CNBC reported.
Chelsea, which finished third in the Premier League on Sunday, has been operating under a government license since Abramovich’s assets were frozen in March and it expires on May 31.
Chelsea has won five Premier League titles since 2003 when it was acquired by Abramovich.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
