Completed: Todd Boehly Pass Premier League Owners & Directors Test Ahead of Chelsea Takeover
The Premier League Owners and Directors Test for Todd Boehly’s consortium has been completed ahead of their takeover at Chelsea, according to reports.
This comes after the group were named as the preferred bidder by Raine Group and are now in exclusive talks with Chelsea over the takeover.
As per Rob Draper, the Owners & Directors test on Todd Boehly’s consortium has been completed by the Premier League.
This comes after Sir Jim Ratcliffe made his bid official, but Raine Group were reportedly unaware of the details of the British billionaire’s offer as they sent Boehly’s group into the next round, which included exclusive talks with the club and submitting their details for Premier League approval.
It is thought that the process will be relatively simple for Boehly’s consortium now, who should pass the check with ease.
However, despite this both Sir Martin Broughton and Stephen Pagliuca’s consortiums have been kept on standby and may be called upon if Boehly’s group fails in their background checks.
Boehly and groups who were part of the formal bidding process already met with fan groups and former Blue Paul Canoville, as they carried out due diligence and met with several stakeholders in the drawn out process.
It is now likely that two separate licences would ultimately be issued by the government.
One of these licences would be to to implement the transaction itself, and the other to release the proceeds of the sale, which is likely to go to a charity supporting victims of the war in Ukraine at Roman Abramovich’s request.
The sale must be completed by May 31st, when the current licence expires.
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