UK Govt Approves Sale Of Chelsea Football Club

| Updated: May 25, 2022 4:41 pm

After weeks of speculation and uncertainty, finally, British Government announced this morning that it had issued a license, permitting the sale of football club, Chelsea, to Boehly-Clearlake consortium.

Following Russia’s invasion of Ukraine, Chelsea Football Club’s current owner Roman Abramovich put up the club for sale in early March. Abramovich is subject to sanctions by the British government.

The 55-year-old Abramovich is among seven wealthy Russians punished by the UK over their close links to Kremlin. The government froze his assets, putting the future of the club in jeopardy. The sale seems like the only way out and keep the club functioning.

Boehly-Clearlake consortium, who agreed to acquire Chelsea for £4.25 billion ($5.33 billion) earlier this month, passed the Premier League Owners’ and Directors’ Test.

Sports minister Nadine Dorries said, “Given the sanctions we placed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner.”

Furthermore, Dorries said that the government was satisfied with the proceeds of the sale, as those will not benefit Roman Abramovich or other sanctioned individuals.

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