File photo dated 22-05-2022 of Chelsea fans watching the action during the Premier League match at Stamford Bridge, London. The UK Government has issued a licence that permits the sale of Chelsea to the Todd Boehly/Clearlake Consortium, a Whitehall source has told the PA news agency. Issue date: Wednesday May 25, 2022. PA Photo. See PA story SOCCER Chelsea. Photo credit should read Adam Davy/PA Wire.
Chelsea’s takeover is on the verge of being completed (PA)

The UK Government has finally approved the sale of Chelsea with Todd Boehly’s consortium now set to buy the Premier League club from Roman Abramovich.

The £4.25 billion takeover bid was held up earlier this month after the government raised concerns that Abramovich would renege on his pledge to waive a £1.6bn loan.

Abramovich, who bought Chelsea for £140 million in 2003, is unable to receive a single penny from the sale of the club after he was sanctioned by the government in March.

The Russian oligarch had insisted that all net proceeds, believed to be the money from the sale minus legal fees, would be used ‘for the benefit of all victims of the war in Ukraine’.

Abramovich has now legally agreed to allow his £1.6bn loan to Chelsea to be placed in a frozen account under government control.

A government spokesperson said: ‘Late last night the UK Government reached a position where we could issue a licence that permits the sale of Chelsea Football Club.

‘Following the sanctioning of Roman Abramovich, the Government has worked hard to ensure Chelsea Football Club has been able to continue to play football.

‘But we have always been clear that the long-term future of the club could only be secured under a new owner. Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual.

‘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.

‘The steps today will secure the future of this important cultural asset and protect fans and the wider football community. We have been in discussions with relevant international partners for necessary licences required and we thank them for all their cooperation.’

More to follow…

For more stories like this, check our sport page.

Follow Metro Sport for the latest news on
FacebookTwitter and Instagram
.

Source

Previous articleTransfer news LIVE: Tuchel to get £200million summer budget as Chelsea takeover is approved, Tottenham hand Conte £150m war chest, Leeds star Raphinha ‘wants Barcelona move’, Atletico Madrid ‘reject chance to sign Bale’
Next articleTransfer news LIVE: Tuchel to get £200million summer budget as Chelsea takeover is approved, Haaland in Manchester to seal Man City move, Tottenham hand Conte £150m war chest, Leeds star Raphinha ‘wants to join Barcelona’