Shelagh Fogarty 1pm - 4pm
Chelsea FC takeover approved by government as Todd Boehly gets green light
25 May 2022, 07:24 | Updated: 25 May 2022, 08:38
The Government has issued a license allowing the sale of Chelsea - giving the green light for a takeover of the club by a consortium led by Todd Boehly.
A spokesperson said they are now "satisfied" the sale won't benefit former owner Roman Abramovich "or any other sanctioned individual".
Todd Boehly's £4.25billion takeover of the Stamford Bridge club was approved by the Premier League on Tuesday evening.
"Late last night the UK Government reached a position where we could issue a licence that permits the sale of Chelsea Football Club," read a Government statement.
"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."
1/2 Last night the Government issued a licence that permits the sale of @ChelseaFC. Given the sanctions we placed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner.— Nadine Dorries (@NadineDorries) May 25, 2022
The west London club was put up for sale in March before owner Roman Abramovich was sanctioned over his links to Russian president Vladimir Putin.
Chelsea have been operating under a special government licence, which expires on May 31.
"Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual," continued the statement.
"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."