The British Government has approved the sale of English Premier League side Chelsea Football Club to the Boehly-Clearlake consortium, after former owner Roman Abramovich sold the club in response to sanctions imposed on him following Russia’s invasion of Ukraine.
Abramovich was one of more than 100 Russian oligarchs, family members and associates allegedly close to Russian President Vladimir Putin, who were sanctioned by Britain following the attack on Ukraine on February 24.
According to Britain’s Secretary of State for Digital, Culture, Media and Sport Nadine Dorries, the Government issued a licence that allows the sale of Chelsea.
The consortium is led by American billionaire Todd Boehly, who is the co-owner of Major League Baseball team Los Angeles Dodgers and a minority shareholder in the National Basketball Association’s LA Lakers.
Private-equity firm Clearlake Capital are the majority shareholder of Chelsea now, with co-founders José E. Feliciano and Behdad Eghbali involved in the deal.
Mark Walter, the principal owner of the Los Angeles Dodgers; and Swiss billionaire Hansjorg Wyss are believed to be investors too.
“We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals,” said Dorries on Twitter.
“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.”
The sale to the Boehly-Clearlake consortium is thought to be worth £4.25 billion ($5.33 billion/€4.99 billion), which has been passed by the Premier League Owners’ and Directors’ Test.
This test outlines requirements for ownership of Premier League clubs, prohibiting owners or directors for questionable actions.
It includes criminal convictions for various offences, a ban by a sporting or professional body, or breaches of certain key football regulations, such as match-fixing.
Abramovich, the owner of Chelsea for 19 years, will not receive the money as it has been deposited into a frozen bank account in the United Kingdom.
He has promited he wants to donate all of it to charity.
The billionaire is the largest shareholder in Evraz, Russia’s second-biggest steelmaker and has stakes in Norilsk Nickel, the world’s largest producer of refined nickel.
His fortune came from selling privatised assets acquired in post-Soviet Union Russia, such as Sibneft and Aeroflot.
Chelsea won five of its six Premiership titles under Abramovich – the latest coming in the 2016-2017 season – the UEFA Champions League in 2012 and 2021 and the FIFA Club World Cup last year.
