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Todd Boehly’s bid for Chelsea approved by the Premier League

The Premier League has formally accepted the Todd Boehly-led takeover of Chelsea at £4.25billion ($5.33 billion). Sources told on May 18 that the consortium headed by the Los Angeles Dodgers part-owner was anticipated to pass the league’s owners and director’s test, and that news was confirmed Tuesday.

Chelsea Football Club’s proposed takeover by the Clearlake Consortium and Todd Boehly was authorized by the Premier League Board today, the league announced. In order for the purchase to go through, it must be approved by the government and the last phases of the transaction must be successfully completed.

The Board has applied the Premier League’s Owners and Directors’ Test (OADT) to all prospective Directors and conducted the requisite due diligence.” It’s worth noting that the consortium buying the club is made up of members of the Clearlake Capital Group L.P. In order to complete the takeover, Chelsea FC will cooperate with the relevant governments to get the necessary licenses.

The owners and directors test does not concern itself with where the sale money goes, though. It’s not yet clear how the sale money will be split between Abramovich, the British government, and European Commission. According to insiders, Abramovich has asked for money to be placed into another business called Camberley International Investments, which would distribute it to the victims of the conflict in Ukraine.

However, the U.K. government has reservations about the ownership of Camberley and negotiations are focusing on whether the sale money — which is broken down into a £2.5bn asking price plus a commitment of £1.75bn further investment into the club — can be kept in a holding account until the destination of the funds is finalized to allow the sale to be completed before the May 31 deadline.

Because Abramovich is a citizen of Portugal, the European Commission must also be pleased, but sources on all sides expect the sale to be completed on schedule.

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