Todd Boehly’s offer to take over Chelsea is nearing completion on Tuesday when the Premier League board announced it had approved his acquisition of the London club.
The Boehly federation, which owns the Los Angeles Dodgers baseball club, has agreed a £ 4.25 billion ($ 5.3 billion) deal to buy a Premier League club from owner Roman Abramovich on May 7.
And a Premier League statement said on Tuesday, “The Premier League board today approved the proposed takeover of Chelsea Football Club by Todd Boehly / Clearlake Consortium.
“Purchase remains dependent on the (British) Government issuing the required sales license and satisfactory completion of the final stages of operation.”
Russian millionaire Abramovich put Chelsea on the market in early March, just before he was sanctioned by the British government following Russia’s invasion of Ukraine.
Completing the purchase has been a long process due to government concerns about the potential for Abramovich to profit from the sale.
There have been fears that the move will fall as a result of a £ 1.5 billion debt owed to Chelsea’s parent company, Fordstam Ltd, to Camberley International Investments, a Jersey company allegedly linked to Abramovich.
Abramovich, who said he had not asked for a loan repayment, reportedly gave assurance to the government that his colleague, Demetris Ioannides, had resigned from a trust held by Camberley International.
Earlier on Tuesday, Prime Minister Boris Johnson’s spokesman confirmed that the government was working with “international partners” to make the deal.
The Premier League statement added: “The board has applied the Premier League’s Owners ‘and Directors’ Test (OADT) to all potential directors, and has acted with due diligence.
“The Consortium members who buy the club are members of Clearlake Capital Group, L.P., Todd Boehly, Hansjorg Wyss and Mark Walter.
“Chelsea FC will now work with the Government concerned to obtain the necessary licenses to complete the transfer.”
Chelsea have been forced to work under a special license from the UK government since Abramovich, who bought the club in 2003, was fined.
Under the terms of the license, Chelsea were unable to offer new contracts to existing players or to sign players from other clubs.
The sale of the European champions opens the curtain on 19 years of almost unbeaten success under 55-year-old Abramovich, who has won five Premier League titles and two Champions League victories.