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Premier League approves proposed takeover of Chelsea by Boehly-led consortium

Premier League approves proposed takeover of Chelsea by Boehly-led consortium

FILE PHOTO: Soccer Football - Premier League - Chelsea v Watford - Stamford Bridge, London, Britain - May 22, 2022 General view inside the stadium before the match Action Images via Reuters/Tony Obrien

The Boehly-Clearlake consortium, which agreed terms to acquire Chelsea for £4.25 billion (US$5.33 billion) earlier this month, passed the Premier League Owners' and Directors' Test, the league said on Tuesday (May 24), paving the way for the club's takeover.

The proposal also needs approval from the British government before the consortium can complete the acquisition, with a week remaining before the club's current operating licence expires on May 31.

"The Board has applied the Premier League's Owners' and Directors' Test (OADT) to all prospective Directors, and undertaken the necessary due diligence," the league said in a statement.

"The members of the Consortium purchasing the club are affiliates of the Clearlake Capital Group, LP, 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."

The British government is set to approve the sale after Chelsea owner Roman Abramovich gave assurances he will not benefit from the deal, a source familiar with the situation told Reuters.

Source: Reuters

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