UK govt approves sale of Chelsea by sanctioned Abramovich

LONDON: Roman Abramovich’s 19 years as Chelsea owner is closer to ending after the British government approved the sale of the Premier League club by the sanctioned Russian oligarch to a consortium fronted by Los Angeles Dodgers part-owner Todd Boehly. The government had to be sure that Abramovich, who was sanctioned over his links to Russian President Vladimir Putin, did not profit from the enforced sale of the club that his investment turned into one of the most successful in European football.

The reigning FIFA Club World Cup winners and 2021 European champions will be sold for 2.5 billion pounds ($3.1 billion) — the highest price ever for a sports team — once Premier League approval is granted. Chelsea has been operating under a government license since Abramovich’s assets were frozen in March and it expires on May 31.

“Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual,” the British government said in a statement released Wednesday. “We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war.

“The steps today will secure the future of this important cultural asset and protect fans and the wider football community.” It was a hotly-contested sale process following Russia’s invasion of Ukraine three months ago and Boehly’s group had to guarantee 1.75 billion pounds ($2.2 billion) of investment in the team to be chosen as the new owners. Chelsea had already agreed earlier this month to a deal with the consortium that features Boehly along with Dodgers principal owner Mark Walter, Swiss billionaire Hansjorg Wyss, and funding from private