Celebration at Stamford Bridge as EPL approves Chelsea takeover by Todd Boehly

Good news coming from Stamford Bridge as Chelsea fans and family can rejoice as the last hurdles on the path of Chelsea takeover has finally been approved.

According to the BBC, The Premier league says the consortium led by LA Dodgers co-owner Todd Boehly has passed its owner’s and directors’ test, and therefore has approved 4.25bn pounds takeover of Chelsea.

It would be recalled that Chelsea was put up for sale before owner Roman Abramovich was sanctioned over his links to Russian president Vladimir Putin.

The purchase remains subject to the Government issuing the required sale licence, and the final stages of the transaction will then need to be completed, the BBC reports.

The report goes further, “We now believe everyone will be ready to issue the necessary licences” said one insider.

“The last remaining hurdle boils down to a number of final technical details that are being discussed with the club.”

Earlier reports by different tabloids showed that the deal had seemed close to collapse over concerns proceeds would not reach good causes as promised by Abramovich, earlier this month.

The Russian, Abramovich denied that he had asked for his £1.5bn loan to Chelsea be repaid when the club was sold.

There were several consortiums who expressed an interest to buy the club, but Chelsea agreed to sell to the Boehly-led consortium earlier in May.

According to The BBC, the consortium is led by Boehly but Clearlake Capital, a Californian private equity firm, would own a majority of the shares in Chelsea. Other investors include US billionaire Mark Walter, also a co-owner of the LA Dodgers, and Swiss billionaire Hansjoerg Wyss.

Prior to the development today, the London based club has been allowed to continue operating under a special government licence which expires on 31 May.

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