Premier League: Todd Boehly completes formalities, set to change into new Chelsea proprietor

The Todd Boehly-led Clearlake consortium, which agreed phrases to amass Chelsea for 4.25 billion kilos, has handed the Premier League Owners’ and Directors’ Test, the English league acknowledged.

The proposal, nonetheless, additionally requires the approval of the British authorities earlier than the membership’s takeover may be accomplished. Chelsea’s present working licence will expire on May 31.

“The Board has applied the Premier League’s Owners’ and Directors’ Test (OADT) to all prospective Directors, and undertaken the necessary due diligence,” the league mentioned in an announcement.

“The members of the consortium purchasing the club are affiliates of the Clearlake Capital Group, L.P., Todd Boehly, Hansjorg Wyss and Mark Walter.

“Chelsea FC will now work with the related governments to safe the required licences to finish the takeover.”

The British authorities is about to approve the sale after Chelsea’s Russian proprietor Roman Abramovich gave assurances he is not going to profit from the deal, Reuters reported.

Presently topic to sanctions by the British authorities, Abramovich put the London-based membership up on the market in early March following Russia’s invasion of Ukraine.

Abramovich dismissed the reviews that he wished a mortgage given to the membership, which is reportedly price 1.5 billion kilos, to be repaid.

Chelsea had beforehand confirmed all proceeds from the takeover, which might be positioned in a frozen UK checking account, might be donated to charitable causes by Abramovich.

Boston Celtics co-owner Stephen Pagliuca and former British Airways chairman Martin Broughton have been earlier eradicated from the bidding course of, whereas a consortium led by Chicago Cubs homeowners the Ricketts household pulled out of the working.

Chelsea completed the Premier League 2021-22 season in third place with 21 wins and 11 defeats. Manchester City retained the title, whereas Liverpool’s quadruple desires have been shattered on the ultimate day.