UK Government approves Todd Boehly's bid on Chelsea FC
Ricky Gray | May 25, 2022
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The Los Angeles Dodgers co-owner will become the new owner of the football club
The bid to purchase Chelsea FC, proposed by Todd Boehly, has been successfully approved by the United Kingdom government. Announced on Wednesday, a license that grants the sale of Chelsea to the Todd Boehly/Clearlake Consortium has been issued.
In a statement on Wednesday, a UK government spokesperson said: "Late last night the UK government reached a position where we could issue a licence that permits the sale of Chelsea."
On Tuesday, the Premier League formally approved the $5.33bn takeover of Chelsea FC by Boehly and the Clearlake Consortium.
The statement from the UK government continued: "Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea 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."
Chelsea had been operating under a special government license that expires on May 31.
The UK government also stated that the sale of the club won't benefit the former owner Roman Abramovich who was sanctioned by the government for his links to Vladimir Putin.
The statement reads: "Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other 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."
This marks yet another sports team that Boehly has stakes in. Along with the LA Dodgers, Boehly has stakes in the NBA's Los Angeles Lakers and the WNBA's Los Angeles Sparks.