The Premier League has approved the proposed sale of Chelsea to a consortium fronted by Los Angeles Dodgers part-owner Todd Boehly, although the British government still needs to sign off on the deal before it can be completed.
Boehly has already agreed to buy the club for 2.5 billion pounds ($3.1 billion) the highest price ever for a sports team with Roman Abramovich’s ownership tenure poised to end after 19 years.
The Premier League said in a statement Tuesday that its board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake Consortium.
It added that the purchase remains subject to the government issuing the required sale licence and the satisfactory completion of the final stages of the transaction.
The deal has dragged out as the British government makes sure that Abramovich, who was sanctioned over his links to Russian President Vladimir Putin, does not profit from the enforced sale of the club.
Chelsea has been operating under a government license since Abramovich’s assets were frozen in March and it expires on May 31.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
For all the latest Sports News Click Here
