Roman Abramovich and the UK government have reached a deal that will allow Todd Boehly to take over the club, ending his ownership of Chelsea.
According to reports, the Russian billionaire and his legal team reached a solution to the problems that prevented the takeover from happening. According to the PA News Agency reports, both parties have reached an agreement on how PS1.5bn of his debt will be managed.
Abramovich repeatedly stated that he doesn’t want the loan repaid. However, officials from the government were concerned that Abramovich would make a U-turn and demand the money be repaid. The government-sanctioned the exiled Chelsea owner in February’s Russian invasion of Ukraine. He has since given Downing Street further assurances that he will not be returning to collect the loan.
This is considered a significant step forward for Chelsea. There are valid concerns that Todd Boehly’s PS4.25bn takeover of the club would fail before the club’s operating license expires on May 31. The path to the Blues is now clear, as the Premier League will approve the deal.
After signing an agreement to buy the club, Boehly, founder of Eldridge Industries and Los Angeles Dodgers coowner, will be the controlling owner.
American businessman Will hold the greatest influence in the consortium. Clearlake Capital cofounder Behdad Eghbali is expected to work closely with him and play an active role in financial decisions.
Before the Government issues a new license to allow the sale, the Premier League must sign off on Boehly’s consortium through its directors and owners test.
Abramovich’s plan to donate the proceeds of the sale to a charitable foundation should also be approved by the government.