Todd Boehly’s takeover of Chelsea has been given the ‘green light’ with optimism that the deal will be completed before the May 31 deadline.
The UK Government have given Roman Abramovich permission to sell Chelsea to the American-based consortium fronted by LA Dodgers co-owner Boehly.
Final approval is still needed from Europe and Portugal – given Abramovich holds a Portuguese passport – before the £4.25bn deal can be finalised but there is ‘new optimism’ that a takeover is edging closer.
Sources have told the Telegraph that an “agreement on a licence is likely within the Government” after Chelsea agreed to legally binding guarantees that a £1.6bn loan in the club will not go to Abramovich or his children.
Concerns had been raised after Abramovich had initially refused to provide assurances over the destination of the proceeds.
Chelsea are currently operating under a special licence following the sanctions placed on Abramovich in the wake of Russia’s invasion of Ukraine.
Ahead of the sanctions, Abramovich said he intended to write off the loan to Chelsea and hand all net proceeds from the sale of the West Londoners to charitable causes supporting victims of the war in Ukraine.
An agreement has been reached to prevent the money from the sale being paid into Camberley International, an offshore firm linked to the Russian owner.
The proceeds from the sale will eventually go to a foundation set up to bring aid to the victims in Ukraine, one which has been launched by Mike Penrose.
Penrose – a humanitarian charity executive – has been tasked with setting up the foundation and first came into contact with Chelsea and Abramovich through Soccer Aid.
