EPL approves Chelsea takeover by Todd Boehly

The Premier League board has approved the proposal by the Todd Boehly/Clearlake Consortium to takeover Chelsea.

Los Angeles Dodgers co-owner Boehly had agreed to purchase of the club for £4.25bn to end Roman Abramovich’s 19 years ownership.

The total cost of the investment aggregates to £4.25 billion ($5.2bn) with £2.5bn ($3.2bn) as sale price of the club and an agreement reached that £1.75bn (2.1$bn) will be invested over 10 years.

According to a released statement by the Premier League on Tuesday evening May 24, “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.”