Completion of the acquisition by the Boehly-Clearlake consortium now depends on British government clearance.
the advice of Premier LeagueEngland’s professional football league, approved this Tuesday (May 24, 2022) the purchase of Chelsea FC by the Boehly-Clearlake consortium for £4.25 billion ($5.3 billion). Completion of the acquisition now depends on UK government clearance.
“The Board has applied the Premier League Owners and Directors Test to all potential directors and has carried out the necessary due diligence. You [integrantes] of the consortium that buys the club are affiliates of Clearlake Capital Group, LP, Todd Boehly, Hansjorg Wyss and Mark Walter”reported the Premier League in a statement.
The group is led by Todd Boehly, a co-owner of the Los Angeles Dodgers baseball team and the Los Angeles Sparks women’s basketball team. He also owns a stake in the Los Angeles Lakers, an NBA franchise.
Chelsea confirmed on May 6 acquisition agreement for £2.5 billion (US$3.1 billion at Tuesday’s quotation) with the Boehly-Clearlake consortium. In communiqué, the club stated that the purchase amount will be deposited into a UK bank account. Proceeds from the sale will be donated to charitable causes.
The group also committed to invest £1.75 billion (US$2.2 billion at Tuesday’s quotation) to be split between: Stamford Bridge and Kingsmeadow stadiums, the women’s team, in addition to ongoing funding in Chelsea Foundation.
Since 10 March, the club has operated under an operating license granted by the British government. The document expires on May 31. According to the calculation of BBCa British government source said the purchase needs to be completed by early June.
The Premier League meets in June to grant licenses to clubs to participate in the upcoming league season. Expected to start in august 6th.
If the purchase is not completed on time, Chelsea could be excluded from the Premier League and competitions in Europe, such as the Champions League.
According to the Reutersthe British government must to approve the acquisition by the Boehly-Clearlake consortium, because Russian billionaire Roman Abramovich has assured that he will not benefit from the deal.
Abramovich has been a majority partner at Chelsea since 2003. With russian invasion in Ukrainian territory, on February 24, public pressure increased in the United Kingdom for the tycoon to leave the administrative command of the Blues.
the tycoon handed over the command to the administrators of Chelsea Foundation on the 26th of February. On March 2, he resolved sell the club. According to the British newspaper Telegraphthe billionaire wanted an offer of at least £4 billion ($5 billion at this 3rd’s quote).
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