Blues no more at Chelsea

LONDON • The British government yesterday announced it had given the green light to Todd Boehly's proposed takeover of Chelsea football club from the sanctioned Russian oligarch Roman Abramovich.

Secretary of State for Digital, Culture, Media and Sport Nadine Dorries said a licence permitting the deal was issued late on Tuesday, shortly after it won approval from the Premier League.

"We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals," she tweeted.

A government statement said: "We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war."

A consortium led by Boehly, a co-owner of Major League Baseball (MLB) team Los Angeles Dodgers, had already agreed a record £4.25 billion (S$7.31 billion) deal to buy Chelsea from Abramovich on May 7.

Officials wanted everything completed on Tuesday so that the Blues could meet all registration deadlines for next season.

Of the total investment, £2.5 billion will be deposited into a frozen British bank account to be donated to a charitable foundation for the benefit of victims of the war in Ukraine. The other £1.75 billion will be used as further investment "for the benefit of the club".

Abramovich put Chelsea on the market in early March, just before he was sanctioned by Britain after Russia's invasion of its neighbour in late February. Completing the purchase has been a lengthy process due to government concerns over the potential for the billionaire to profit from the sale.

The total value of the deal smashes the previous record for the sale of a sports team - US$2.4 billion (S$3.3 billion) for the New York Mets MLB outfit in 2020.

Chelsea have been forced to operate under a special licence from the government since Abramovich was sanctioned for reportedly being part of Russian President Vladimir Putin's inner circle.

The Chelsea the 55-year-old leaves behind is dramatically different from the club he bought in 2003 for just £140 million at a time when Manchester United and Arsenal were the dominant forces in the Premier League. The club were transformed from also-rans teetering on the brink of a financial crisis into one of the richest in the Premier League thanks to his deep pockets as he routinely bankrolled blockbuster transfers.

The injection of over £1 billion in funds has resulted in a staggering 19 major trophies - including five Premier League titles and two Champions League triumphs - making the Blues the most successful English club this century.

Abramovich's arrival also sparked a wave of foreign investment in the Premier League. While Chelsea did not win any major silverware this season, they claimed the Uefa Super Cup and the Club World Cup for the first time, and they will play in the Champions League next season after finishing third in the last Premier League campaign.

There are several pressing matters awaiting Boehly, though. The squad have been significantly weakened with defenders Antonio Rudiger and Andreas Christensen departing for free this summer, while Cesar Azpilicueta is also out of contract, so the club will be expected to dip heavily into the transfer market.

The Daily Telegraph yesterday reported the incoming American owner will hand Blues manager Thomas Tuchel a £200 million war chest in the summer, with the likes of Declan Rice, Jules Kounde and Josko Gvardiol all targeted.

With a capacity of just 42,000 - far smaller than the other "Big Six" rivals - Stamford Bridge is also in need of major redevelopment and Boehly has promised to expand the stadium's size.

The 48-year-old has a track record of delivering both stadium improvement and sporting success with the Dodgers. Thanks to heavy investment in players, they have made the play-offs for the past nine years and won their first World Series for 32 years in 2020.

Now that the uncertainty surrounding Chelsea has been cleared up, former chief executive Peter Kenyon hopes "everybody can look forward to next season".

He told the BBC: "It is great for Chelsea and great for football, to move on. Chelsea's future looks assured with good people and that is great news for them."

The Blues are not the only London club looking to regroup in the summer for a renewed assault on trophies next season.

Enic Sports, the majority owner of Tottenham, will allocate £150 million to help the club invest on and off the pitch, said an official statement on Tuesday.

Spurs are reportedly set to turn Dejan Kulusevski and Cristian Romero's loan moves from Juventus and Atalanta into permanent ones, after both impressed last season to help the club end a two-year exile from the Champions League.

They will cost in excess of £60 million, and after their transfers are finalised, manager Antonio Conte will look to move for Alessandro Bastoni of Inter Milan and Torino's Gleison Bremer, according a report in The Mirror.

AGENCE FRANCE-PRESSE, REUTERS