Chelsea sale to group led by Dodgers owner approved by Premier League

Proceeds from the sale of Chelsea would be controlled by the British government and would ultimately benefit victims of the war in Ukraine. (Photo by Mike Hewitt/Getty Images)

The Premier League on Tuesday approved the purchase of Chelsea by Los Angeles Dodgers part-owner Todd Boehly and his Clearlake Consortium.

the the club has accepted the conditions earlier in May for the Boehly Group to buy the club for over $5 billion. The club is currently owned by Russian oligarch Roman Abramovich, whose assets are frozen under British government sanctions amid the Russian invasion of Ukraine.

“The Premier League Board today approved the proposed takeover of chelsea Football Club by the Todd Boehly/Clearlake Consortium”, a The Premier League statement reads. “The purchase remains subject to government issuance of the required sales license and satisfactory completion of the final stages of the transaction.

The sale is still pending UK government approval. By The Guardian, the British government must be satisfied that no proceeds from the sale will go to Abramovich until he greenlights the deal. According to the report, the proceeds of the sale in this case would be placed in a government-controlled frozen account.

According to The Guardian, the UK government intends to place the proceeds from the sale in an escrow account with the intention that the funds will ultimately go to charity to benefit victims of war in Ukraine.

Boehly, a hedge fund billionaire, is part of an ownership group alongside Magic Johnson and Mark Walter that bought the Dodgers in 2012. This group has oversaw the turnaround of a Dodgers franchise who declared bankruptcy under Frank and Jamie McCourt in 2011 to win a World Series in 2020.

Boehly is joined by Dodgers partner Walter and Swiss businessman Hansjörg Wyss in his bid to buy Chelsea.