UK Authorises Sale Of Chelsea FC

The UK government announced Wednesday it had given the green light to Todd Boehly's proposed takeover of Chelsea football club from the sanctioned Russian oligarch Roman Abramovich

London, (APP - UrduPoint / Pakistan Point News - 25th May, 2022 ) :The UK government announced Wednesday it had given the green light to Todd Boehly's proposed takeover of Chelsea football club from the sanctioned Russian oligarch Roman Abramovich.

Secretary of State for Digital, Culture, Media and Sport Nadine Dorries said she had issued a licence permitting the deal late on Tuesday, shortly after it won approval from the Premier League.

"We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals," Dorries tweeted.

A consortium led by Boehly, a co-owner of baseball's Los Angeles Dodgers, had already agreed a record �4.25 billion ($5.3 billion) deal to buy the Premier League club from Abramovich on May 7.

The Premier League said its approval hinged on the government sale licence "and the satisfactory completion of the final stages of the transaction".

Officials wanted everything completed on Tuesday so Chelsea could meet all registration deadlines for next season's football competitions.

Completing the purchase has been a lengthy process due to government concerns over the potential for Abramovich to profit from the sale.

The total value of the deal smashes the previous record for the sale of a sports team -- $2.4 billion for the New York Mets baseball franchise in 2020.

Chelsea have been forced to operate under a special licence from the government since Abramovich, who bought the club in 2003, was sanctioned.

The sale of the 2021 European champions brings the curtain down on 19 years of nearly unbroken success under the 55-year-old Abramovich, who has overseen five Premier League titles and two Champions League triumphs.

Chelsea finished third in the 2021/22 Premier League season and so gained a place in Europe's Champions League, the continent's leading club football competition.

The Blues also reached the finals of English football's League Cup and FA Cup, only to lose both matches to Liverpool in penalty shoot-outs.

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