Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Chelsea FC takeover official as government approves sale

Chelsea FC takeover official as government approves sale

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

The sale of Chelsea FC has been given approval by the UK government following the proposed takeover by the Todd Boehly / Clearlake Consortium.

In a statement the government said it had "reached a position where we could issue a licence that permits the sale" of the club.

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

It came after the Premier League Board approved the proposed takeover on Tuesday.

The sale will bring down the curtain on Roman Abramovich's 19-year tenure as the owner of Chelsea.

"Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea Football Club has been able to continue to play football," the government statement said.

"But we have always been clear that the long-term future of the club could only be secured under a new owner."

"We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war," it added.

Mr Abramovich and his advisers struck a binding £4.25bn deal this month with a group majority-funded by Clearlake Capital, a Californian investment firm, and spearheaded by the LA Dodgers part-owner Todd Boehly.

Chelsea's former owner was sanctioned by the UK government on 10 March, days after he put the club up for sale, with Downing Street claiming to have proven his links to Russian President Vladimir Putin.

The club was then put under a strict government operating licence, and all of Mr Abramovich's other UK assets were frozen.

Under the terms of the sanctions, Chelsea have not been able to carry out any transfers, either with existing players or external targets - but once the takeover is complete, the team will be able to do business as usual.

Concerns over £1.5bn loan


There are concerns about the fate of a £1.5bn loan to the club's parent company from Mr Abramovich.

The government's sanctioning of Mr Abramovich means he does not have access to the funding required to repay the loan owed by Fordstam to Camberley International Investments - a vehicle associated with the oligarch.

The loan is thought to be repayable on Chelsea's sale.

Before he was sanctioned, Mr Abramovich said he intended to write off the loan and give the net proceeds from the sale to a new foundation set up to benefit the victims of the war in Ukraine.

He has insisted this remains the case, although at one point officials claimed they had not seen sufficient assurances or binding legal commitments to prove this.

New owners cannot sell shares for a decade


Mr Abramovich has struck a binding deal that involves the new owners paying £2.5bn to acquire his shares and pledges £1.75bn of future investment in the club's stadium, academy, and women's team.

Sky News revealed recently that the terms of the takeover would prevent Mr Boehly and his fellow investors paying dividends or taking management fees for a decade.

The new owners will also be prohibited from selling any shares in the club for 10 years, as well as agreeing to strict limits on the level of debt that they can take on.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×