The Premier League board has approved the proposed takeover of Chelsea by the Todd Boehly/Clearlake Consortium as Roman Abramovich's 19 years running the west London club moves closer to its end.
Los Angeles Dodgers co-owner Boehly had already agreed a £4.25bn purchase of the Blues, with Roman Abramovich's ownership tenure poised to end after 19 years.
The total investment will cost £4.25 billion ($5.2bn) with £2.5bn ($3.2bn) ending up being the sale price of the club and an agreement in place that £1.75bn (2.1$bn) will be invested over 10 years. A statement from the Premier League on Tuesday evening May 24, read:"The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly / Clearlake Consortium."
"The purchase remains subject to the Government issuing the required sale licence and the satisfactory completion of the final stages of the transaction.
"The Board has applied the Premier League’s Owners’ and Directors’ Test (OADT) to all prospective Directors, and undertaken the necessary due diligence.
"The members of the Consortium purchasing the club are affiliates of the Clearlake Capital Group, L.P., Todd Boehly, Hansjorg Wyss and Mark Walter.
"Chelsea FC will now work with the relevant Governments to secure the necessary licences to complete the takeover."
Boehly is the co-owner of Major League Baseball's (MLB) Los Angeles Dodgers and a minority investor in the National Basketball Association (NBA) team LA Lakers.
The US magnate will become Chelsea's controlling owner once the takeover is complete, though California investment firm Clearlake Capital will assume the majority shareholding.
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