EPL

Premier League approves proposed Chelsea takeover as sale nears completion

By Sports Desk May 24, 2022

Chelsea's proposed takeover has taken a huge step towards completion after the Premier League confirmed the sale was approved on Tuesday.

The Blues agreed to terms for the sale of the club to an ownership group led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss for £4.25billion earlier in May.

The takeover, which promises investment of £1.75billion into the club, briefly appeared to be in doubt due to suggestions Roman Abramovich was unhappy with the sale structure.

Abramovich denied that to be the case, and the deal appears to be nearing a resolution, though the sale still needs to be approved by the UK government.

The proceeds of the sale are expected to be donated to the victims of Russia's invasion of Ukraine.

A Premier League statement released on Tuesday 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."

Related items

  • Rob McElhenney and Ryan Reynolds owed nearly £9million by Wrexham Rob McElhenney and Ryan Reynolds owed nearly £9million by Wrexham

    Wrexham lost £5million in the year of their promotion to the English Football League and now owe nearly £9m to Hollywood owners Rob McElhenney and Ryan Reynolds.

    But turnover doubled to almost £10.5m and Wrexham say financial losses suffered since McElhenney and Reynolds’ takeover in February 2021 should not be repeated due to the income now generated by the League Two club.

    “The amount owed to The RR McReynolds Company, LLC (owned by McElhenney and Reynolds) at the year-end was £8.977m (2022: £3.714m),” read a Wrexham statement.

    “The financial losses suffered by the club since the takeover shouldn’t be repeated, with income generated by the club now sufficient to meet the operational costs of the club going forward.

    “These losses were deemed necessary to allow the club to maximise its full potential in the shortest time practically possible.

    “The club is under no immediate pressure to repay these loans at the expense of the progress we seek to achieve and further financial support will be provided/secured to support the capital expenditure projects the club is currently planning, which includes increasing the capacity of The Racecourse Ground and the development of a training facility for all the club’s teams.

    “The year-on-year income comparisons since the takeover, show the potential of the club.

    “These will significantly increase again for the year ending June 30, 2024, following promotion and the continued popularity of Welcome to Wrexham.”

    Wrexham ended a 15-year absence from the EFL last April by winning the National League, while the women’s team also won promotion to the top tier of Welsh football.

    Turnover increased from £5.972m to £10.478m in the year ending June 30, 2023, but losses were up from £2.913m to £5.113m.

    Wrexham payroll rose from just over £4m to nearly £7m, offsetting increased income in retail operation, sponsorship and advertising and football revenue due to the Dragons reaching the fourth round of the FA Cup.

    The club has attracted widespread global interest following two successful seasons of the FX documentary series Welcome to Wrexham.

    Phil Parkinson’s side are chasing a second successive promotion and are currently third in League Two with seven games to play.

  • Former Nottingham Forest and Liverpool defender Larry Lloyd dies aged 75 Former Nottingham Forest and Liverpool defender Larry Lloyd dies aged 75

    Nottingham Forest have paid tribute to double European Cup winner Larry Lloyd, who has died at the age of 75.

    Lloyd, who also won the First Division title and UEFA Cup with Liverpool, was a key player in the Forest side which won the European Cup in 1979 and 1980 under manager Brian Clough.

    The Bristol-born defender won four caps for England and went on to manage Wigan and Notts County following the end of his hugely-successful playing career.

    In a statement on the club’s website, Forest wrote: “We are deeply saddened to learn of the passing of Larry Lloyd.

    “Part of the Miracle Men, Larry was an integral player in the Forest side that memorably won back-to-back European Cups in 1979 and 1980, making 218 appearances for the club in total.

    “We send our condolences to Larry’s friends and family at this truly sad time. Rest in peace, Larry.”

    Lloyd began his career with Bristol Rovers before being signed by Liverpool manager Bill Shankly for £50,000 in 1969.

    The Reds won the league and UEFA Cup double in 1973, with Lloyd remarkably playing in every game that season.

    Liverpool paid tribute to an “aerially dominant and strong-tackling” player, whose goal in the first leg of the UEFA Cup final against Borussia Monchengladbach proved vital.

    Lloyd made it 3-0 on the hour mark following a brace from Kevin Keegan at Anfield, with the Reds winning 3-2 on aggregate after losing the second leg in Germany 2-0.

    “Liverpool FC is deeply saddened by the passing of former defender Larry Lloyd, aged 75,” the club said in a statement.

    “LFC will pay tribute to Lloyd with a period of applause at Anfield on Sunday when the Reds host Brighton.

    “The thoughts of everyone at the club are with Larry’s family and friends at this sad time.”

    After two years at Coventry, Lloyd moved to the City Ground in a £60,000 deal and went on to form a vital centre-back partnership with Kenny Burns as Forest beat Malmo in the European Cup final in 1979.

    Forest retained the trophy a year later against Kevin Keegan’s Hamburg.

  • Gateshead hammer Hartlepool to move fourth in National League Gateshead hammer Hartlepool to move fourth in National League

    Gateshead moved up to fourth in the Vanarama National League with a thumping 7-1 win against Hartlepool.

    The visitors took a deserved lead in the eighth minute when Joe Grey almost allowed the chance to go begging before producing a neat finish.

    Callum Whelan had a goal ruled out for Gateshead before they equalised from the penalty spot in the 28th minute. Luke Hannant slotted home after Dajaune Brown had been tripped in the area by Manny Onariase.

    The home side went ahead early in the second half when Kieron Evans made the most of a poor attempted clearance and fired past Pete Jameson.

    Brown headed home unmarked for 3-1 and it was four when Regan Booty drove through a crowded penalty area shortly afterwards.

    Brown scored his second with a dinked finish and Whelan netted almost a carbon copy sixth with 15 minutes remaining.

    Tom Allan sealed a thoroughly miserable night for the visitors with a late seventh.

© 2023 SportsMaxTV All Rights Reserved.