The English Premier League has approved the official takeover of Chelsea Football club by Todd Boehly-led group at the rate of $5.33bn. This was disclosed in an official statement released by the Premier League.
The Statement reads: “The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly / Clearlake Consortium.
“The purchase remains subject to the Government issuing the required sale license and the satisfactory completion of the final stages of the transaction. The Board has applied the Premier League’s Owners’ and Directors’ Test (OADT) to all prospective Directors and undertaken the necessary due diligence.
“Chelsea FC will now work with the relevant Governments to secure the necessary licenses to complete the takeover”.
It would be recalled that earlier in the month, Investors King reported that a U.S. consortium comprises of Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss agreed to a £4.25 Billion takeover of the English Premier League club.
In a statement released by the club, the organisation noted that the £4.25 Billion deal is subject to United Kingdom Government approval. This latest announcement just confirmed that approval.
Now the investors would be expected to pay £2.5 Billion to purchase the club shares and also commit another £1.75 Billion for various investments in the club’s projects.
However, there are still discussions between the European Commission, the United Kingdom government and Roman Abramovich on how the share of the price would be distributed.
Chelsea Football Club finished third on the Premier League table and has qualified for the Champions League by next season. The club will at least contest for a £17m winning price for a European championship.
The members of the Consortium purchasing the club are affiliates of the Clearlake Capital Group, L.P. Todd Boehly, Hansjorg Wyss, and Mark Walter.
