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London: The Premier League Board has approved the proposed takeover of English club Chelsea by the Todd Boehly/Clearlake consortium, the league announced on Tuesday.

"The purchase remains subject to the government issuing the required sale licence and the satisfactory completion of the final stages of the transaction," the league said in a statement.

The proposal also needs approval from the British government before the consortium can complete the acquisition, with a week remaining before the club's current operating licence expires on May 31.

The deal, however, remains subject to British government approval.