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UK government approves sale of Chelsea, which was owned by Russian oligarch

FILE - Chelsea's owner Roman Abramovich, center, applauds after Chelsea were presented with the Premier League trophy after their English Premier League soccer match against Sunderland at Stamford Bridge stadium in London, May 24, 2015. Chelsea owner Roman Abramovich has on Saturday, Feb. 26, 2022 suddenly handed over the “stewardship and care” of the Premier League club to its charitable foundation trustees. The move came after a member of the British parliament called for the Russian billionaire to hand over the club in the wake of Russia’s invasion of Ukraine. (AP Photo/Matt Dunham, file)
by: WRTV Staff
Posted: / Updated:

Roman Abramovich’s 19-year ownership of Chelsea is ending after the British government approved the sale of the Premier League club by the sanctioned Russian oligarch.

Los Angeles Dodgers part-owner Todd Boehly will now take over the team.

The government had to be sure that Abramovich, who was sanctioned over his links to Russian President Vladimir Putin, did not profit from the enforced sale of the club.

The reigning FIFA Club World Cup winners and 2021 European champions will be sold for 2.5 billion pounds ($3.1 billion) — the highest price ever for a sports team — once Premier League approval is granted.

Proceeds from the sale will go into a frozen bank account controlled by the government, according to Sky Sports News.

California-based Clearlake Capital will assume the majority shareholding.

The team has been operating under a government license since March, when Abramovich’s assets were frozen.

The license will expire on May 31.

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