Premier League Board Approve Chelsea Takeover By Todd Boehly Group

Todd Boehly's proposed takeover of Chelsea moved a step closer to completion on Tuesday when the Premier League board announced it had approved his purchase of the London club.

Boehly's consortium agreed a £4.25 billion ($5.3 billion) deal to buy the Premier League club from owner Roman Abramovich on May 7.

And a Premier League statement said on Tuesday: "The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake Consortium."

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The deal, however, remains subject to British government approval.

More updates to follow