London, United Kingdom (UK)- The UK government has formally approved the sale of Chelsea FC for US$5.33 billion to Todd Boehly, the co-owner of the LA Dodgers and Clearlake Capital, a Californian private equity firm.
As a result, this now brings Roman Abramovich’s 19-year ownership of Chelsea, in which the club has won 21 trophies including five Premier League titles and two Champions Leagues to an end.
“Late last night the UK government reached a position where we could issue a licence that permits the sale of Chelsea. Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea 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.
In addition, 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 the necessary licences required and we thank them for all their cooperation,” read a statement from the government.
The UK government sanctioned Abramovich on March 10, 2022, due to suspected links with Russian President, Vladimir Putin.
This in turn led to several restrictions on the club such as the ability to buy or sell players and negotiate new contracts with players. However, due to the recent developments all of that is all about to change, a boost for Chelsea manager, Thomas Tuchel, as he prepares for the 2022/23 season after finishing third and qualifying for next year’s Champions League in the 2021/22 season.
