Has the Chelsea takeover gone through? Todd Boehly consortium confirmed as new Chelsea owners

Todd Boehly and Clearlake Capital have been confirmed as Chelsea’s new owners after Government approve the deal

It has been two and a half months since Roman Abramovich put Chelsea FC up for sale after he was sanctioned by the UK governmnent due to his links with Russian president Vladimir Putin.

A number of worldwide consortiums had made million pound bids in an attempt to take over the European champions, with the likes of Lewis Hamilton, Serena Williams and Sir Jim Ratcliffe all thought to be involved.

However, on Monday 30 May 2022, it was confirmed that Todd Boehly and his consortium had won the race and completed the takeover of the club.

The government finally approved the deal on 25 May 2022, a day after the Premier League signed off on their approval, and five days later Chelsea and Boehly confirmed the news that the takeover had been completed.

Was the takeover ‘under threat’?

Todd Boehly’s £4.25 billion takeover of Chelsea was thrown into doubt last week after ministers failed to receive assurance of where the sale proceeds will go, according to Sky News.

Abramovich is requesting the £1.6 billion debt is repaid before being frozen and then transferred to the new foundation set up which will see all of the procees go to help victims of the war in Ukraine - however, the government is thought to be wary of whether the Russian will ‘divert’ the sale funds.

“There’s quite serious concern in government that the deal may fall apart and that Roman Abramovich is ultimately willing to let Chelsea go under,” a government source said.

“There’s alarm in government about the gap between what Abramovich has said he will do publicly and what he’s willing to commit to legally as part of the sale process.

“There are pressing deadlines this week, and if there isn’t a breakthrough, we’re quite concerned that the sale of Chelsea could be timed out by certain sporting deadlines.”

When did the takeover happen?

The takeover was confirmed to have taken place on Monday 30 May 2022, ending Abramovich’s nearly 20 year association with the club.

Boehly said: “We are honoured to become the new custodians of Chelsea Football Club

“We’re all in - 100% - every minute of every match. Our vision as owners is clear: we want to make the fans proud.”

As the agreement for the sale was reached, Chelsea’s former owner said: “As I hand over Chelsea to its new custodians, I would like to wish them the best of success, both on and off the pitch.

“It has been an honour of a lifetime to be a part of ths club - I would like to thank all the club’s past and current players, staff, and of course fans for these incredible years.”