The English Premier League (EPL) has approved the acquisition of Chelsea FC by a US consortium led by Todd Boehly, co-owner of the Los Angeles Dodger baseball team.
The league announced the approval in a statement published on its website on Tuesday.
The US Consortium group agreed to buy the club for £4.25 billion.
Aside from Boehly, other members of the consortium include Mark Walters, Hansjoerg Wyss, the Swiss billionaire, and Clearlake Capital.
With the approval, the EPL said, “the purchase remains subject to the government issuing the required sale licence and the satisfactory completion of the final stages of the transaction.”
“The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake Consortium,” the statement read.
“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.”
The sales of the club became necessary after the UK government sanctioned Roman Abrahamovic due to his ties with Vladimir Putin, the Russian president, who ordered the invasion of Ukraine.
All the properties of the Russian oligarch in the UK were frozen, including Chelsea — a team he owned for 19 years.
Boehly, the new owner, is an investor and businessman with a net worth of around £3.6 billion, according to Forbes.
Apart from his co-ownership of LA Dodgers, the 46-year-old American also co-owns Los Angeles Sparks, a US women’s basketball team, and has a minority stake in LA Lakers, a leading basketball franchise in the NBA.