Roman Abramovich’s 19-year tenure as the owner of Chelsea FC is set to come to an end with the UK government approving the proposed takeover by the Todd Boehly / Clearlake Consortium.
Abramovich and his advisers struck a binding £4.25bn ($7.55 billion AUD) deal this month with a group majority-funded by Clearlake Capital, a Californian investment firm, and spearheaded by the LA Dodgers part-owner Todd Boehly.
Chelsea’s former owner was sanctioned by the UK government on March 10, days after he put the club up for sale, with Downing Street claiming to have proven his links to Russian President Vladimir Putin.
The club was then put under a strict government operating licence, and all of Abramovich’s other UK assets were frozen.
Under the terms of the sanctions, Chelsea have not been able to carry out any transfers, either with existing players or external targets – but once the takeover is complete, the team will be able to do business as usual.
In a statement, the UK government says that it had “reached a position where we could issue a licence that permits the sale” of the club.
“We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals,” Culture Secretary Nadine Dorries said.
“Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea Football Club 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.”
The statement came after the Premier League Board approved the proposed takeover on Tuesday.
