May 25, 2022 - Sports

U.K. government approves sale of Chelsea soccer club

Rebecca Falconer

Incoming owner Todd Boehly during traditional walk around the pitch after the last game of the season iat Stamford Bridge on May 22, 2022 in London, England. — New Chelsea owner Todd Boehly at the soccer team's Stamford Bridge ground in London on Sunday. Photo: Robin Jones/Getty Images

The British government has issued a license permitting the sale of English soccer team Chelsea to a group led by American investor Todd Boehly for a record $3.1 billion, Culture Secretary Nadine Dorries announced Wednesday.

Driving the news: Dorries confirmed the license was issued to the group on Tuesday night authorizing the sale of the Premier League side after the U.K. froze the assets of former owner Roman Abramovich for the Russian oligarch's ties to Russia's President Vladimir Putin in response to the invasion of Ukraine.

The sale to the group led by Boehly, who's part-owner of Los Angeles' Dodgers, Lakers and Sparks teams, will see 100% of the funds donated to charitable causes, including to victims of the Russian military's war on Ukraine, per Axios' Jeff Tracy.

What they're saying: "Given the sanctions we placed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner," Dorries tweeted.

"We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals," she added. "I want to thank everyone, especially officials who’ve worked tirelessly to keep the club playing and enable this sale, protecting fans and the wider football community."

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U.K. government approves sale of Chelsea soccer club

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