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25th May 2022

Chelsea takeover completed after government issues license to permit sale

Charlie Herbert

Chelsea takeover completed

The government is satisfied none of the proceeds will go to Abramovich

Roman Abramovich has agreed to the UK government’s terms for the £4.25bn takeover of Chelsea, completing the sale of the club.

On Wednesday morning, sports and culture minister Nadine Dorries said the UK government had issued a license that permits the sale of the London club.

This allowed the bid led by Todd Boehly, a part-owner of baseball’s LA Dodgers, to be given permission to go through, the Guardian reports

The license was issued by the government after it was satisfied none of the money from the sale would go to Abramovich.

A government spokesperson said: “Late last night the UK Government reached a position where we could issue a licence that permits the sale of Chelsea Football Club.

“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.

“Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual. We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war.

“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 licences required and we thank them for all their cooperation.”

The Evening Standard reports that the Boehly-led consortium is optimistic the process of buying the club can be wrapped up before the May 31 deadline set by the government.

The Russian billionaire had owned Chelsea since 2003, but was ordered to sell up after he was hit with sanctions by the UK government following Russia’s invasion of Ukraine.

The club has been up for sale since the start of March.

During his tenure, Chelsea won 21 trophies, including five Premier League titles, two Champions Leagues and the Club World Cup.

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