Todd Boehly’s consortium look set to finalise their takeover of Chelsea, ending Roman Abramovich’s 19-year stint as the Blues owner. The Premier League confirmed on Tuesday evening that the US billionaire and his consortium had passed its owners’ and directors’ test.
That was swiftly followed on Wednesday morning by a statement from the UK Government, which confirmed they too were happy for the deal to progress.
It read: “Late last night the UK government reached a position where we could issue a licence that permits the sale of Chelsea. 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.
READ MORE: Chelsea sale: Government confirm massive Todd Boehly takeover update amid Roman Abramovich worry
“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.
“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.”
Chelsea had been operating under a special operating licence which was due to run out on May 31 but Thomas Tuchel can now begin planning his summer transfer dealings in earnest ahead of the official confirmation from Chelsea that the Boehly consortium are the new owners of the club.
Chelsea fans will understandably be interested to know who is set to take charge of their club when the takeover is finally complete. With that in mind, football.london has briefly profiled Boehly below.
Who is he?
Worry not Chelsea fans, because Boehly is very rich. The American is the co-founder, chairman and CEO of Eldridge Industries and boasts a net worth of £4.72billion. Eldridge is a holding company with offices in New York, Boston and London, and have a history of investment in industries including technology, media, real estate and sport.
The company currently owns a stake in Major League Baseball franchise the Los Angeles Dodgers and in December 2021 it was confirmed that Boehly was heading a bid to take a controlling stake in National Women’s Soccer League side Washington Spirit.
His interest in Chelsea is nothing new, either. Back in 2019 he made a £2.2billion bid to buy the Blues from Abramovich, an offer that was swiftly rejected. But he and his consortium are now closing on a deal, something that will excite the club’s fanbase.
What are Boehly’s plans after takeover
The American billionaire has been joined by Clearlake Capital with the voting rights at Chelsea set to be split between the two parties moving forwards with Clearlake owning the majority of the shares. As part of the process, Boehly presented plans for the renovation of Stamford Bridge with a huge investment likely to be needed to get the ground up to the desired standard.
As far as the transfer market is concerned, the consortium want to back Tuchel in making improvements to the current squad. However, whether that level of investment will match that of Abramovich remains to be seen.
Source by Football London