UK government approves Chelsea sale with Todd Boehly consortium set to buy club from Roman Abramovich

The £4.25 billion takeover bid was held up earlier this month after the government raised concerns that Abramovich would renege on his pledge to waive a £1.6bn loan

FPJ Web DeskUpdated: Wednesday, May 25, 2022, 12:42 PM IST
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Roman Abramovich is unable to receive a single penny from the sale of the club after he was sanctioned by the UK government in March | AP

The UK Government has finally approved the sale of Chelsea. Todd Boehly’s consortium is now set to buy the Premier League club from Roman Abramovich.

The £4.25 billion takeover bid was held up earlier this month after the government raised concerns that Abramovich would renege on his pledge to waive a £1.6bn loan.

Abramovich, who bought Chelsea for £140 million in 2003, is unable to receive a single penny from the sale of the club after he was sanctioned by the government in March.

The Russian oligarch had insisted that all net proceeds, believed to be the money from the sale minus legal fees, would be used ‘for the benefit of all victims of the war in Ukraine’.

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