The UK government approved Todd Boehly's takeover of Chelsea. It was 1:44. Todd Boehly is part-owner of the Los Angeles Dodgers and is part of a group that has completed its takeover of the English club. The deal was formally announced on Saturday, bringing an end to Roman Abramovich's 19-year tenure at the club and freeing them from the restrictions imposed on them by Russia. It was feared that the club might cease to exist after three months of uncertainty, but it will now be granted a new licence to compete in the 2022-23 season. The club said in a statement that a final and definitive agreement was entered into last night to sell the club. The transaction is expected to be completed on Monday. The Club will update at that time. Boehly can be a lucky charm.
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The Club World Cup win in Abu Dhabi in February was the 21st trophy won by the club under the ownership ofAbramovich.
The Boehly-led consortium was chosen as the preferred bidder by Raine Group, a New York-based merchant bank, because they had performed financial duties for the club over the last few years.
British businessman Sir Jim Ratcliffe tried to exploit disagreements over the precise terms of the sale by tabling his own bid at the 11th hour.
The Boehly camp made a commitment to pay into a company the U.K. government in order to get the asking price.
To make sure the U.K. government and European Commission signed off on the deal, the sale money will be paid into a holding account with the proceeds going to victims of the war in Ukraine.
The most expensive sports team in history has a commitment not to sell a controlling stake for at least 10 years.
Sources claim that those involved have been working around the clock to make sure the club is not threatened after the special licence expired.
According to sources at the club, the usual time for a takeover of a club in the league is between nine and 12 months and the Blues have changed owners in just over three months.
The night before the Carabao Cup final defeat to the Reds, the Russian billionaire issued a statement saying that he was passing stewardship and care of the club.
After it became clear that the Trustees of the club were ill-equipped to run one of the biggest clubs in world football and that they would not be insulated from any government action againstAbramovich, a second announcement followed just 72 hours later in which he confirmed his intention to sell.
The Boehly-led group received more than 20 credible bids, with Raine Group receiving more than 20 of them, according to sources.
According to sources, the head start Boehly's camp had from his prior interest in buying a team was a key factor.
Boehly, who holds a 20% stake in the Dodgers, tried to buy a club but was turned down.
The majority of the financing comes from Clearlake Capital, a private equity firm based in Santa Monica, California, and owned by Jose E. Feliciano. Swiss billionaire Hansjorg Wyss, chief executive of Guggenheim Partners Mark Walter, and London-based property developer Jonathan Goldstein are some of the prominent figures involved.
The impending departures of Antonio Rudiger to Real Madrid and Andreas Christensen to Barcelona were caused by the inability to acquire or unload players while operating under a special licence.
According to sources, the new owners of the club are expected to back coach Thomas Tuchel with significant funds to improve the squad, while contract negotiations with players, including N'Golo Kante, Jorginho and Mason Mount, will now resume. Further restrictions that prevented the club from opening their megastore and stadium hotel will now be lifted.
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