Premier League: Todd Boehly completes formalities, set to become new Chelsea owner

The Todd Boehly-led Clearlake consortium, which agreed terms to acquire Chelsea for 4.25 billion pounds, has passed the Premier League Owners’ and Directors’ Test, the English league stated.

The proposal, however, also requires the approval of the British government before the club’s takeover can be completed. Chelsea’s current operating licence will expire 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, 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.”

The British government is set to approve the sale after Chelsea’s Russian owner Roman Abramovich gave assurances he will not benefit from the deal, Reuters reported.

Presently subject to sanctions by the British government, Abramovich put the London-based club up for sale in early March following Russia’s invasion of Ukraine.

Abramovich dismissed the reports that he wanted a loan given to the club, which is reportedly worth 1.5 billion pounds, to be repaid.

Chelsea had previously confirmed all proceeds from the takeover, which would be placed in a frozen UK bank account, will be donated to charitable causes by Abramovich.

Boston Celtics co-owner Stephen Pagliuca and former British Airways chairman Martin Broughton were earlier eliminated from the bidding process, while a consortium led by Chicago Cubs owners the Ricketts family pulled out of the running.

Chelsea finished the Premier League 2021-22 season in third position with 21 wins and 11 defeats. Manchester City retained the title, while Liverpool’s quadruple dreams were shattered on the final day.

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