M/CLOUDY
LONDON (AP) — The British government announced Wednesday that it has given the green light to Todd Boehly’s proposed acquisition of Chelsea football club from sanctioned Russian oligarch Roman Abramovich.
Secretary of State for Digital, Culture, Media and Sport Nadine Dorries said she had issued a licence to authorise the deal on Tuesday night, shortly after the Premier League approved it.
“We are confident that the proceeds from the sale will benefit Roman Abramovich or other sanctioned individuals,” Dorries tweeted.
“Given the sanctions we have imposed on other people related to (Vladimir) Putin and the bloody invasion of Ukraine, the long term of the club can only be secured through a new owner,” he said.
A consortium led by Boehly, co-owner of the Los Angeles Dodgers, had already reached 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 depended on the government’s sale licence “and the acceptable final touch of the later stages of the transaction”.
Officials sought to have everything finished on Tuesday so Chelsea can meet all registrations for next season’s competitions.
Abramovich put Chelsea on the market in early March, before being sanctioned by Britain following Russia’s invasion of Ukraine.
Finalizing the acquisition of a lengthy procedure due to government considerations about Abramovich’s ability to profit from the sale.
The overall deal breaks the previous sales record for a sports team: $2. 4 billion for the New York Mets baseball franchise in 2020.
Chelsea have been forced to operate under a special government license since Abramovich, who bought the club in 2003, was sanctioned.
Abramovich, also the target of European Union sanctions, has been described by the British government as part of Russian President Putin’s inner circle.
Chelsea Abramovich’s departure is radically different from the club he bought in 2003 for just £140 million at a time when Manchester United and Arsenal were the dominant forces in the Premier League.
The club has gone from being a club on the brink of a currency crisis to one of the richest in the Premier League thanks to the russian’s large portfolio, which has funded successful transfers.
He has been rewarded with 19 major trophies in his 19-year reign, five Premier League titles and two Champions League triumphs.
Abramovich’s arrival at Stamford Bridge has sparked a trend towards a wave of foreign investment in the Premier League.
Chelsea, who won the Champions League last year, finished third in the 2021–22 Premier League season, again qualifying for the European club competition.
The Blues also reached the league cup final and the FA Cup, wasting games against Liverpool on penalties.
Stamford Bridge’s 42,000-seat stadium wants a major refurbishment that fits the length of the stadium and the profit streams enjoyed by its rivals.
But Boehly has a proven track record at the stadium and has good fortune with the Dodgers.
Thanks to heavy investments in players, the Dodgers made it to the MLB (Major League Baseball) playoffs each and every season for more than nine years and won their first World Series in 32 years in 2020.
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