Home Breaking News Todd Boehly and Chelsea set to receive UK Government takeover green light...

Todd Boehly and Chelsea set to receive UK Government takeover green light amid deadline

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The UK Government are set to approve Chelsea’s £4.25bn sale in the 24 hours, according to the BBC. The west London side confirmed last week that Todd Boehly’s consortium have reached an agreement to acquire the club from Roman Abramovich.

However, the proposed deal awaited approval by the government and the Premier League before it could be completed. And, according to the BBC, the Government are set to give Chelsea the green light.

Boehly’s bid fought off competition from Sir Jim Ratcliffe, parties headed by Stephen Pagliuca and Sir Martin Broughton respectively to secure the purchase of Chelsea. The sale is expected to go through in the coming hours, with the club’s special sporting licence set to expire May 31.

READ MORE: Todd Boehly told to make £59m Chelsea transfer decision that narrows Man City and Liverpool gap

The takeover comes after almost four months since Abramovich put the Blues up for sale in the wake of sanctions placed upon him by the government after Russia’s invasion of Ukraine. The ownership group includes Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss, who was present at Stamford Bridge in the Blues’ clash with Watford on the final day of the Premier League season.

In a statement published by Chelsea earlier this month to confirm Bohely and Clearlake’s successful bid, it outlined the details of the takeover in place. It read: “Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss, to acquire the Club.

“Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100% to charitable causes as confirmed by Roman Abramovich.

“UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account. In addition, the proposed new owners will commit £1.75bn in further investment for the benefit of the Club.

“This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation. The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time.”

However, while reports claim that a deal to set to go through, the takeover must also get approval from Portugal and the EU because Abramovich is a Portuguese citizen. The Russian billionaire became an EU citizen in December, three years after withdrawing an application for a UK visa amid tensions between London and Moscow.

His successful application reportedly used a Portuguese law that offers naturalisation to descendants of Sephardic Jews, who were expelled from the Iberian peninsula during the Inquisition, according to a report in the Portuguese newspaper Público. Abramovich also has an Israeli passport which he acquired in late 2018.

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https://www.football.london/chelsea-fc/news/breaking-chelsea-takeover-boehly-government-24042163