LONDON — The British government announced Wednesday it
had approved
Todd Boehly's $5.3 billion
purchase of
Chelsea football club from the sanctioned Russian oligarch Roman
Abramovich.
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The Premier League club was put on the market in early
March, days before Abramovich was sanctioned by Britain following
Russia's
invasion of Ukraine.
The billionaire, also the target of
EU sanctions, was
described by the UK government as part of Russian President Vladimir Putin's
inner circle.
Chelsea has been operating under the terms of a strict
government license that expires on May 31, meaning they have been unable to
renew contracts for existing players and have faced a transfer ban.
Completion of the takeover has been a lengthy process due to
concerns over the potential for Abramovich to profit from the sale of the
London club.
But the
Premier League gave the green light on Tuesday
evening and an hour’s later ministers said they would permit Chelsea's sale.
Culture Secretary
Nadine Dorries, whose brief includes
sport, tweeted: "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.
"We are satisfied the proceeds of the sale will not
benefit Roman Abramovich or other sanctioned individuals."
A consortium led by Boehly, a co-owner of baseball's Los
Angeles Dodgers, beat off competition to agree on a record deal to buy the club
earlier this month.
At one stage it seemed close to collapse over concerns
proceeds would not reach good causes as promised by outgoing owner Abramovich.
The Russian, who bought Chelsea in 2003, denied he had asked
for his £1.5 billion loan to the club to be repaid when the sale was concluded.
The government said in its statement it was satisfied that
the "full proceeds" of the sale would not benefit 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," it added.
Of the total investment, £2.5 billion will be deposited into
a frozen UK bank account to be donated to a charitable foundation for the
benefit of victims of the war in Ukraine.
The new owners will commit £1.75 billion in further
investment "for the benefit of the club".
Transfer budget
Former Chelsea chief executive Peter Kenyon told the BBC
that the end of the saga would be a "complete relief" for everyone
connected to the club.
"We've got a very short transfer window and plans will
have been made before," he said.
"They have already lost some players through not being
able to re-sign them so I think everybody — the squad and the management — will
be relieved they can get on with the job they're employed to do."
Thomas Tuchel's side, who won the Champions League last
season, finished third in the Premier League — 19 points behind champions
Manchester City — and were beaten by Liverpool in the finals of the FA Cup and
League Cup.
The German manager is set to lose key defenders Antonio
Rudiger and Andreas Christensen on free transfers to Real Madrid and Barcelona.
Tuchel, in an interview on Chelsea's website conducted
before the sale was confirmed, said the club had been operating at a "huge
disadvantage" and would need to be nimble in the transfer market.
Reports on Wednesday said the former Paris Saint-Germain
boss would be handed a £200 million transfer kitty.
Chelsea has been transformed since Abramovich bought them in
2003 for just £140 million, winning 19 major trophies in his 19-year reign —
including five Premier League titles and two Champions League triumphs.
Boehly also has a track record of delivering sporting
success with the
Dodgers.
Thanks to heavy investment in players, they have made the
MLB (Major League Baseball) playoffs every season for the past nine years and
won their first World Series for 32 years in 2020.
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