Chelsea Get UK Govt Approval To Sell Club To Boehly Led Consortium

Chelsea Football Club has received approval from the UK government to hand the club to new owners, led by Todd Boehly and Clearlake Capital.

The approval was announced in a statement released on Monday.

The sale process started on 2 March, when Roman Abramovich announced his intention to sell the Club.

Chelsea owners contracted Raine, a global merchant bank to run the sale process.

The English club said it received over 250 enquiries from proposed purchasers, held detailed discussions with more than 100 individuals and entities, and entered into 32 confidentiality agreements, which allowed for due diligence with respect to confidential Club information.

“Ultimately, the Club received 12 credible bids, resulting in 4 and then 3 final bidders. The Todd Boehly and Clearlake Capital consortium was chosen as the preferred bidder,” Chelsea said on Monday.

According to the club, it reached an agreement with the new owners that their group would make certain binding financial commitments.

The commitments include investments in the Academy and women’s team, the redevelopment of Stamford Bridge and the Chelsea Foundation.

The club said, “Throughout this process, we have worked very closely with the UK Government, in particular the Department for Digital, Culture, Media and Sport (DCMS), and HM Treasury, as well as with the Premier League, The FA and UEFA. In order to complete the transaction, we needed consents and approvals from all, and in particular from the UK Government.

“We have been able to obtain all necessary consents, as well as further licences required in Portugal, Canada and Jersey due to the structure of the previous ownership.”