Dylan Bettencourt
The £4.25 billion (R83 billion) sale of Chelsea football club has finally been completed following approval from both the Premier League and the England government.
The deal could be completed after former owner Roman Abramovich agreed terms of a sale structure that ensured he did not benefit financially.
Nadine Dorries, the culture secretary, said the England government issued a licence on Tuesday night that allows the sale of Chelsea.
Nearly two weeks after a deal was agreed between the club and American Todd Boehly’s consortium, the club will now finally enter a new era.
Following Russia’s invasion of Ukraine on 24 February, oligarch Abramovich was sanctioned due to his ties to President Vladimir Putin.
The government sought to ensure the Russian gained no further profits from the club, but the sanctions put several restrictions on the London club which could not produce any revenue.
Government approval was delayed following a dispute regarding a loan given to Chelsea from a company with links to Abramovich.
After it was cleared that Abramovich would not gain from the repayment process the takeover agreement was permitted to be processed.
The sale will now enter a two-step process under which £2.5 billion (R49 billion) will go into an escrow account until the government is satisfied the funds will go to a charity for victims of the conflict in Ukraine.
The charity will be chosen by the government.
“Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea Football Club has been able to continue to play football,” said a government statement quoted in The Guardian.
“But we have always been clear that the long-term future of the club could only be secured under a new owner.”
After nearly two decades as the owner of Chelsea, Abramovich is set to handover the club to the Boehly group in the coming days.
Image source: @Eurosport
