English Premier League approves sale of Chelsea FC

By Kevin Dotson, CNN

Updated 1920 GMT (0320 HKT) May 24, 2022

Chelsea will still need government approval to complete the sale.

(CNN)The English Premier League announced Tuesday that its board has approved the sale of Chelsea FC to the ownership group led by Todd Boehly.

The deal, worth more than $5 billion, must still receive government approval before the transaction can be finalized.«The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake Consortium,» the league said in a statement.«Chelsea FC will now work with the relevant Governments to secure the necessary licences to complete the takeover.»The club's current owner is Russian oligarch Roman Abramovich, who is subject to sanctions by the British government and has seen his assets frozen.Read MoreDidier Drogba: Chelsea great hopes club's new owners can 'carry on the vision and passion of the fans' Abramovich put the club up for sale in early March following the Russian invasion of Ukraine, saying at the time it was «in the best interest of the Club.»Boehly owns stakes in the MLB's Los Angeles Dodgers, the NBA's Los Angeles Lakers and the WNBA's Los Angeles Sparks.The Premier League statement noted Boehly had passed the board's «Premier League's Owners' and Directors' Test (OADT).»The club said that of the total investment being made, 2.5 billion pounds ($3.08 billion) will be used to buy the shares in the club and this money would be deposited into a frozen UK bank account «with the intention to donate 100% to charitable causes as confirmed by Roman Abramovich.»UK government approval would be required for the proceeds to be transferred from the frozen UK bank account, the club added.It said the proposed