The government has approved the £4.25bn bid by Todd Boehly to take over Chelsea. The deal has undergone months of negotiations and the government has finally received guarantees that former owner Roman Abramovich will not benefit from the sale after his assets were frozen. The proceeds from the sale will be held in a UK bank account until assurances that the money will solely be used to support humanitarian causes in Ukraine.
“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 licenses required and we thank them for all their cooperation,” the government said in a statement after the £4.25bn bid by Todd Boehly.
“It was a protracted and complex process getting the license. It’s significant because this has never happened before – a government has never had to intervene and effectively broker the sale of a football club,” Geraint Hughes said after the £4.25bn bid by Todd Boehly was accepted to take over Chelsea. “We’re living in extraordinary times given the war in Ukraine and the fact that a sanctioned individual in Roman Abramovich was the owner of Chelsea. Chelsea fans will need patience but it’s so close now. All the major stumbling blocks have been achieved now. A lot of people will be breathing a huge sigh of relief at Chelsea and in the government.”
“This was not just a straight transaction… this involved multiple parts from a Consortium that wanted to buy the club, then you have the British government, the Portuguese, and the European Commission,” he added. “It’s absolutely unprecedented but Chelsea fans just want to know how they can keep pace with Manchester City and Liverpool. The light is almost at the end of the tunnel.”