Townflex Sports News – Chelsea takeover given green light by Premier League board after 12-week saga which was sparked by Abramovich putting the Blues up for sale on 2 March.
Todd Boehly’s Chelsea takeover approved: The £4.25bn takeover of Chelsea football club has been completed after Roman Abramovich agreed to the UK government’s terms for the sale, ending a tumultuous period that raised fears over the club’s existence.
English football saw a new era and change of football when Abramovich bought Chelsea in 2003.
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It was an era of unprecedented success at Stamford Bridge with Chelsea winning 21 trophies including five Premier League titles, two Champions Leagues, and the Club World Cup under the Russian.
The 55-year-old Russian put Chelsea up for sale at the start of March before he was sanctioned by UK government for allegedly having ties with Russian President Vladimir Putin.
Chelsea football club have since been operating under a special license which was designed to limit their revenue streams and stop the Russian from profiting from his asset due to the nature of his sanctions.
Another new era at Stamford Bridge can officially begin after a bid led by Todd Boehly, Hansjorg Wyss, and Mark Walter was given permission to go through after the UK government issued a license on Tuesday night that permits the sale of Chelsea.
Chelsea’s takeover is worth £4.25bn, Todd Boehly and his team have pledged to invest a sum of £1.75bn in the club infrastructure have all been held up as the government sought legal guarantees that Roman Abramovich or his family would not benefit from the sale proceeds.
The government was satisfied to issue a new sales license which should ensure the club can meet all deadlines for registration for next season’s competitions.
A government spokesperson said: “Following extensive work, we are satisfied the full proceeds will not benefit Abramovich or any sanctioned individual. We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war.”
“The steps today will secure the future of this important cultural asset and protect fans and the wider football community. We have been in discussions with relevant international partners for necessary licences required and we thank them for all their cooperation.”
The government has sought assurances that the charity will be independent of Abramovich. Mike Penrose, a former Unicef UK executive director, has been asked to run the foundation.
“Late last night the UK government reached a position where we could issue a licence that permits the sale of Chelsea Football Club,” a government statement said.
“Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea Football Club has been able to continue to play football. But we have always been clear that the long-term future of the club could only be secured under a new owner.”
It added: “We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war.
“The steps today will secure the future of this important cultural asset and protect fans and the wider football community. We have been in discussions with relevant international partners for necessary licences required and we thank them for all their cooperation.”
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