Beautiful Virgin Islands

Monday, Sep 01, 2025

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.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
Federal Reserve Independence Questioned Amid Trump’s Push to Reshape Central Bank
British Politics Faces Tumultuous Autumn After Summer of Rebellions and Rising Farage Momentum
US Appeals Court Rules Against Most Trump-Era Tariffs
UK Sought Broad Access to Apple Users’ Data, Court Filing Reveals
UK Bank Shares Dive Over Potential Tax on Sector
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Argentine President Javier Milei Evacuated After Stones Thrown During Campaign Event
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Starmer Should Back Away from ECHR, Says Jack Straw
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
Chinese AI Chipmaker Cambricon Posts Record Profit as Beijing Pushes Pivot from Nvidia
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Welcome to The Definition of Insanity: Germany Edition
Just a reminder, this is Michael Jackson's daughter, Paris.
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
×