As Roman Abramovich’s 19-year era as the 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 earlier agreed to buy the Blues for £4.25 billion, with Roman Abramovich’s 19-year ownership reign coming to an end.
The whole investment will cost £4.25 billion ($5.2 billion), with £2.5 billion ($3.2 billion) being the club’s purchase price and £1.75 billion ($2.1 billion) being invested over ten years.
In a statement released on Tuesday, May 24th, the Premier League said, “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.”
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.
