Tuesday, November 29, 2022
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BREAKING: 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.

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

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

According to the reports, the English club said it received over 250 inquiries 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.

Chelsea said on Monday, “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,” 

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.

 “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 consent and approvals from all, and in particular from the UK Government.

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

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Mary Ama
Mary Ama
A passionate writer with the sauce. I do that to get you entertained without a 404 page.
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