Abramovich completes Chelsea sale to Boehly-Clearlake consortium

LONDON : Roman Abramovich has completed the sale of Chelsea and related companies to an investment group led by Todd Boehly and Clearlake Capital, the Premier League club said on Monday, ending a three-month process to sell the club.

The consortium, which won the bid to acquire the London side earlier this month, received approval from the Premier League and the British government last week for the sale to go ahead. A final agreement was reached on Saturday.

Russian owner Abramovich put the club up for sale in early March following Russia's invasion of Ukraine, which Moscow calls a "special military operation". Sanctions on Abramovich had also complicated the sale process.

"In selling the club, Mr. Abramovich stipulated that the new owner must be a good steward of the club, the net proceeds of the sale must be donated to charity, and that he would not seek the repayment of loans made to affiliates of the club," Chelsea said in a statement.

The sale also needed the green light from the Portugal government after Abramovich became a citizen of the country last year and is also under European Union sanctions.

The Portuguese government issued a humanitarian waiver last week based on the British government's guarantee that the proceeds of the sale would not benefit Abramovich.

"The club is now no longer subject to the sanctions imposed on Roman Abramovich, an individual who has enabled (Russian president Vladimir) Putin's brutal and barbaric invasion of Ukraine," a British government spokesperson said.

"Chelsea's long-term future is now secured and binding commitments have been received which ensure sanctioned individuals cannot financially benefit from the sale. The government retains control to ensure that this is the case."

Abramov