The Consortium of Clearlake Capital, Todd Boehly, Hansjorg Wyss, and Mark Walter have all passed the Premier League Owners’ and Directors’ Test, and their proposed takeover has thus been formally approved by the Premier League.
This step was seen largely as a formality after the league pre-vetted all the finalists in the bidding process, but is still a significant and tangible step forward.
As per the league’s statement, Chelsea can begin to secure the necessary licensed for continued operation beyond the May 31 deadline, as well as the June 8 registration deadline for next year’s Premier League competition.
We still need approvals form the UK and EU governments, but those are expected to arrive this week as well. Prime Minister Boris Johnson’s office confirmed that relevant talks are ongoing, and should be finalized soon.
“We are working closely with Chelsea to progress the sale. We are holding intense discussions with the relevant international partners to get the necessary approvals and we will set out further details as soon as we can.
“We want to get this process done as soon as possible while also ensuring the sanctions regime is protected, but we will say more on this as soon as we possibly can.”
-PM Johnson’s spokesman; source: PA Sport via Yahoo!
The Premier League’s statement in full:
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.