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Premier League Approve Todd Boehly-Led Takeover of Chelsea

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SPORTS NEWS: Premier League Approve Todd Boehly-Led Takeover of Chelsea [New Sports News] » Naijacrawl
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The Premier League has given its approval to Todd Boehly's consortium's proposed takeover of Chelsea.



The transaction is anticipated to be completed later this month by a group led by US businessman Peter Boehly and supported by Clearlake Capital Group, Hansjorg Wyss, Mark Walter, and others. They are currently pending UK government permission.

The Premier League Board accepted the Todd Boehly/Clearlake Consortium's proposed takeover of Chelsea Football Club on Tuesday evening, according to a statement. "The acquisition is contingent on the government providing the required sale license and the transaction's final steps being completed satisfactorily."

"The Premier League Board has authorized the Todd Boehly/Clearlake Consortium's proposed takeover of Chelsea Football Club today (Tuesday)," the statement states. The purchase is contingent on the government providing the requisite sale license and the transaction's final steps being completed satisfactorily. All potential directors have been subjected to the Premier League's Owners' and Directors' Test (OADT), and the appropriate due diligence has been completed. " Clearlake Capital Group, L.P. affiliates Todd Boehly, Hansjorg Wyss, and Mark Walter are among the Consortium members who are purchasing the club.

"Chelsea FC will now negotiate with the relevant governments to get the licenses required to finalize the takeover."

It remains to be seen as to when an official announcement will take place, with previous reports stating a midweek completion was hoped for. Now all that is left to do is for the UK Government to issue the new licence to Chelsea to allow the £4.25 billion takeover to go through.

Dan Roan has reported that the takeover could be struck on Tuesday night, with final technical details being discussed.

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