After the Russian invasion of Ukraine which is still a matter yet to be resolved, a Russian citizen and CEO of the Chelsea football club Roman Abramovich was forced to sell the sporting club with other properties being seized by the United Kingdom government.
After putting the club on sale, many interested business moguls expressed their interest in taking ownership of the club. Todd Boehly/ Clearlake consortium merged the highest bidders.
After several talks about giving all the proceeds acquired from the sale of the Sporting club to the Ukrainian victims, the UK government has officially given its concern about the sale of the club which has now become official.
In a statement, the government said it had “ reached a position where we should issue a license that permits the sale of the club”
“We are satisfied that the proceeds will not benefit Roman Abramovich or any other sanctioned individuals,” Culture Secretary Nadine added.
This was made official after the Premier league board approved the proposed take on Tuesday, May 24.
After 19 years as the CEO of the sporting club, the sale will finally draw down the curtains of Roman Abramovich’s reign.
“The government added that “ After the sanctioning of the CEO, it has worked tirelessly to ensure that the Chelsea football club always participates in all matches they are involved without any interference”
“ But we have always been clear that the long-term future of the club can only be secure under the new owner” the government further added.
“ We would now begin the process to ensure that the proceeds of the sale are used for a humanitarian cause in Ukraine to support the victims” it added.
After putting out the club for Sale, Abramovich struck a binding deal with the team’s new owner of £2.5bn to acquire his shares. He further pledged £1.75bn to invest in the future of the club’s academy, club stadium, and women’s team.
SkyNews reported that according to the terms of the contract involved in the purchase of the club, Todd Boehly and his fellow investors who are the new owners of the club cannot take fees are managers of the Club for a decade.
Also, the new owners are strictly prohibited from selling any of the Clubs shares and are also limited as to the amount of debt they can take on.
