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Premier League approve Chelsea takeover as Todd Boehly deal moves another step closer

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Premier League has approved the £4.25bn takeover of Chelsea by Todd Boehly's consortium.All of the west London club's prospective board members have now passed the requisite owners’ and directors’ test.

However, the completion of the Blues' purchase must still be cleared by the UK government, which has to issue a sale license.The government wants to ensure that none of the proceeds will go to Abramovich, who was hit with sanctions after Russia’s invasion of Ukraine over his alleged links to Vladimir Putin, and to get guarantees regarding his £1.6bn loan to the club he owned since 2003.An official statement from the league read: "The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake Consortium."The purchase remains subject to the Government issuing the required sale licence and the satisfactory completion of the final stages of the transaction."The Board has applied the Premier League’s Owners’ and Directors’ Test (OADT) to all prospective Directors, and undertaken the necessary due diligence."The members of the Consortium purchasing the club are affiliates of the Clearlake Capital Group, L.P., Todd Boehly, Hansjorg Wyss and Mark Walter.

Chelsea FC will now work with the relevant Governments to secure the necessary licences to complete the takeover."The deal seemed close to collapse earlier this month over concerns proceeds would not reach good causes as Abramovich promised.Abramovich denied he had asked for his £1.5bn loan to Chelsea to be repaid when the club was sold.

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