Premier League approves Chelsea's takeover by Todd Boehly consortium

The proposed takeover of Chelsea Football Club by a consortium led by an American businessman Todd Boehly has been approved on Tuesday after Roman Abramovich agreed to the terms for the sale.

The Premier League said in a statement, "The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake Consortium."

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Once the Premier League approval is granted, the club will be sold for a whopping 4.25 billion pounds which is the highest price ever for a sports team. Abramovich, a Russian billionaire became the owner of the Chelsea in 2003 and under his ownership, Chelsea won 21 major trophies including five Premier League titles and two Champions Leagues.

Earlier, Abramovich was hit with sanctions by the British government over his links to Russian President Vladimir Putin following the Russian-Ukraine war. The Premier League board made sure that the sale will not benefit Roman Abramovich or any other sanctioned individual.

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