Todd Boehly’s £4.35bn takeover of Chelsea FC has been completed after the government gave the green light for the deal to proceed.
Nadine Dorries, the Culture Secretary, said the UK government issued a licence on Tuesday night that permitted the sale of Chelsea.
The Premier League approved the sale on Tuesday after determining the prospective board members passed its owners’ and directors’ test.
A sale was in doubt over concerns that Roman Abramovich, who has been the owner of the West London club for 19 years, would seek repayment of his £1.6bn loan.
However, the government agreed to the deal following reassurances that the sanctioned Russian would not demand the loan, but rather it goes into a frozen account controlled by the government.
The remaining £2.5bn will go to an escrow account meant for victims of the Ukraine war, while Boehly, who part-owns baseball side LA Dodgers, has promised a further £1.7bn investment in the football club.
“Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea Football Club has been able to continue to play football,” a government statement said.
“But we have always been clear that the long-term future of the club could only be secured under a new owner.”
“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.”