The Premier League has approved the proposed sale of Chelsea to a consortium fronted by Los Angeles Dodgers part-owner Todd Boehly, although the British government still needs to sign off on the deal before it can be completed.
Boehly has already agreed to buy the club for 2.5 billion pounds ($3.1 billion) – the highest price ever for a sports team – with Roman Abramovich’s ownership tenure poised to end after 19 years.
The Premier League said in a statement Tuesday that its board “has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake Consortium.”
It added that “the purchase remains subject to the government issuing the required sale licence and the satisfactory completion of the final stages of the transaction.”
The deal has dragged out as the British government makes sure that Abramovich, who was sanctioned over his links to Russian President Vladimir Putin, does not profit from the enforced sale of the club.
Chelsea has been operating under a government license since Abramovich’s assets were frozen in March and it expires on May 31.