The sale of Chelsea has been approved by the UK government following a proposed takeover by the Todd Bolly / Clearlake consortium.

A government statement said he had “reached a position where we could issue a license that allows us to sell” the club.

“We are pleased that the proceeds from the sale will not benefit Raman Abramovich or other sanctioned individuals,” said Culture Minister Nadine Doris.

This came after the Premier League Council approved the proposed takeover on Tuesday.

Sale lower the curtain Roman Abramovich19 years of experience as the owner of “Chelsea”.

“After the sanctioning of Raman Abramovich, the government has done a great job so that Chelsea can continue to play football,” the government said in a statement.

“But we’ve always been clear that the club’s long-term future can only be secured with a new owner.”

“We will now begin the process of ensuring that proceeds from the sale are used for humanitarian purposes in Ukraine, supporting victims of the war,” it added.

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Chelsea fans are reacting to the new owners

Mr. Abramovich and his advisers concluded a mandatory deal of 4.25 billion pounds this month with a group funded by a majority stake in Clearlake Capital, a California-based investment firm, and led by LA Dodgers co-owner Todd Boli.

The former owner of Chelsea was sanctioned by the UK government On March 10, days after he put the club up for sale, Downing Street claimed to have proven its connection to Russian President Vladimir Putin.

The club then received a strict government license to operate, and all of Mr. Abramovich’s other assets in the UK were frozen.

Under the terms of the sanctions, Chelsea have not been able to make any transfers with existing players or external targets – but after the capture, the team will be able to conduct normal activities.

The concern is over £ 1.5 billion

There are concerns about the fate of the £ 1.5 billion loan from the club’s parent company from Mr Abramovich.

The government’s sanctions against Mr Abramovich mean he does not have access to the funding needed to repay Fordstam’s loan to Camberley International Investments, a vehicle linked to the oligarch.

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It is assumed that the loan will be repaid when selling “Chelsea”.

Before sanctions were imposed on him, Mr. Abramovich said he intended to write off the loan and transfer the net proceeds from the sale. new foundation created to help victims of the war in Ukraine.

He has insisted that it remained soalthough at one point officials said they did not see sufficient safeguards or binding legal obligations to prove it.

Analysis: Chelsea’s new American vision is about to be realized

Done.

It took longer than many wanted to sell Chelsea, but it’s a bargain like no other.

The wealth that Roman Abramovich earned in the post-Soviet era – which he invested in his project at Stamford Bridge – will end up with proceeds from humanitarian sales in Ukraine.

During one of the biggest upheavals ever seen at a British football club, everyone at Chelsea worked to keep the show going.

Thomas Tuchel and Emma Hayes had to ask questions they could never have imagined, but they both appear with great pride.

The women’s team won both the WSL title and the FA Cup – the men’s team reached two cup finals, both of which lost on penalties.

Taking third place in the Premier League, Tuchel’s team will again be eligible for the Champions League next season.

The transfer of military chests is planned – the new American vision of Chelsea is about to be realized.

Their teams are still at the top of the table, throwing silver hard – right where they were put by Raman Abramovich.

The new owners cannot sell the shares for ten years

Mr. Abramovich has signed an agreement that stipulates that the new owners will pay £ 2.5 billion for the purchase of his shares and promise £ 1.75 billion in future investments in the club’s stadium, academy and women’s team.

Sky News recently reported that absorption conditions will not allow Mr. Boli and his fellow investors to pay dividends or charge management fees for ten years.

The new owners will also be barred from selling any shares of the club for 10 years, as well as agreeing to strict limits on the level of debt they can take on.

https://news.sky.com/story/chelsea-fc-takeover-official-as-government-approve-sale-12620888

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