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Sale of Chelsea FC is not yet complete, awaiting approval from the British government – NBC10 Philadelphia

The British government has not yet approved the sale of the Premier League club “Chelsea” to a consortium led by co-owner of the “Los Angeles Dodgers” Todd Boley.

Russian owner Roman Abramovich, who is leaving, is not allowed to make a profit from the sale because sanctions have been imposed on him and his assets have been frozen over ties to President Vladimir Putin following the invasion of Ukraine.

Approval of the buyout from the government requires an update of the license, which allows Chelsea to continue to operate as a business. The club was put up for sale in March, and a quick process culminated in the fact that on May 6, Beli’s band was chosen as the new owner.

The license expires on May 31, and there is a risk for the club to continue operating unless a sales structure agreement is reached.

This month, Chelsea published a statement from unnamed spokesman Abramovich, which said he would not ask to repay the loan of 1.6 billion pounds ($ 2 billion). The government still wants these proceeds to be placed in a frozen account before being sure that they will eventually go to charity.

Abramovich said he hoped the proceeds from the sale of 2.5 billion pounds ($ 3.1 billion) would go to charity, earlier stating that they would go to help victims of the war in Ukraine. The government wants to assure that Abramovich will not have the right to vote in the planned foundation.

The lack of notice of a new owner is due to the fact that the season of “Chelsea” will soon end without a men’s domestic trophy after the defeat in the FA Cup final against Liverpool on Saturday. On Sunday, the women’s team won the FA Cup final.

Abramovich was forced to unload the club after he became the target of British government repression against wealthy Russians linked to Putin in February. Abramovich did not condemn the war.

After several competing bids were rejected, Chelsea agreed to a deal with a consortium involving Boehly along with Dodgers co-owner Mark Walter, Swiss billionaire Hansorg Wiss and private equity firm Financing Clearlake Capital.

https://www.nbcphiladelphia.com/news/sports/chelsea-fc-sale-not-yet-finalized-awaiting-approval-from-british-government/3241300/

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