Chelsea sale timeline: From Russian invasion of Ukraine to UK Govt nod
First Published May 25, 2022, 1:52 PM ISTThe UK government has approved the 4.25 billion pounds takeover of Chelsea by a consortium led by LA Dodgers co-owner Todd Boehly.
The UK government has approved the 4.25 billion pounds takeover of Chelsea by a consortium led by LA Dodgers co-owner Todd Boehly.
Chelsea football club's fate was finally sealed on Wednesday after the UK government approved the 4.25 billion-pound takeover by a consortium led by American billionaire and LA Dodgers co-owner Todd Boehly.
Here's a look at the key moments and timeline of the west London club's sale, which rocked Stamford Bridge for the last three months:
February 24, 2022: On the order of President Vladimir Putin, Russian forces invaded Ukraine, marking a steep escalation of the war between the two countries, which had begun in 2014. The invasion has caused Europe's fastest-growing refugee crisis since World War II, with more than 6.5 million Ukrainians fleeing the country and a third of the population displaced.
Also read: Thousands of Russians chant 'f**k the war' at concert in St Petersburg; video goes viral
February 26: Chelsea owner Roman Abramovich announced he would be handing the day-to-day running of the club to trustees. While the Russian remained the Premier League club's owner, he was less hands-on after "giving the trustees of Chelsea's charitable foundation the stewardship and care" of the Blues.
March 2: Roman Abramovich bowed to growing pressure to call time on his ownership at Chelsea by confirming the club is up for sale. The Russian acted after a fresh call in parliament for him to face sanctions.
March 10: Roman Abramovich was subjected to sanctions by the UK government after ministers accused him of having "clear connections" to Vladimir Putin's regime and being among a group of businessmen who had "blood on their hands".
May 5: Russian oligarch Roman Abramovich denied media reports that he has asked for his 1.5 billion-pound loan to Chelsea football club to be repaid, saying that the suggestions are "entirely false".
May 7: Chelsea confirmed that a consortium led by LA Dodgers co-owner Todd Boehly had won the battle to buy the Premier League club in a 4.25 billion-pound ($5.2 billion) deal.
Also read: Who is Todd Boehly, whose Chelsea takeover deal gets UK government nod?
May 16: The government was concerned that the takeover of Chelsea could collapse because of the alleged refusal by Roman Abramovich to accept a new sale structure proposed by ministers.
May 24: The Premier League board approved the proposed takeover of Chelsea 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," a statement added.
May 25: The UK government approves the 4.25 billion-pound takeover of Chelsea by a consortium led by LA Dodgers co-owner Todd Boehly. Chelsea has been operating under a special government licence which expires on May 31. The government does not want Abramovich to receive any of the proceeds from the sale, which will instead go into a frozen bank account to be donated to charity.