The Bailey-Clear Lake Consortium, which agreed to buy Chelsea for £4.25 billion earlier this month, passed the Premier League’s Owners and Directors test, paving the way for the club’s acquisition, the league said Tuesday.

The proposal also requires the approval of the UK Government before the consortium completes the acquisition. There is one week left until the club’s current license expires on May 31st.

“The Board has applied the Premier League Owners and Directors Test (OADT) to all future directors and provided the necessary due diligence,” the league said in a statement.

“Members of the consortium to buy clubs are affiliates of Clearlake Capital Group, LP, Todd Boehly, Hansjorg Wyss and Mark Walter.”

“Chelsea FC will work with the relevant governments to secure the licenses needed to complete the acquisition.”

The British government will approve the sale after Chelsea Russian owner Roman Abramovich has guaranteed that he will not benefit from the deal, a source familiar with the situation told Reuters.Read the full text

Abramovich, now subject to sanctions by the British government, launched the London Club in early March following Russia’s invasion of Ukraine, which Moscow calls a “special military operation.”

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