Chelsea has agreed to the terms of a £4.25bn takeover bid from a consortium of investors led by US billionaire Todd Boehly.
The Stamford Bridge based club was put up for sale before current owner Roman Abramovich was sanctioned by the UK government over his alleged links to Vladimir Putin amid Russia’s invasion of Ukraine.
Chelsea confirmed early this morning that terms of the takeover had been ironed out with the deal expected to be completed later this month.
“Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Club,” the club wrote in a statement.
“The sale is expected to complete in late May subject to all necessary regulatory approvals,” the statement added.
Some £2.5bn used to purchase club shares will be deposited into a frozen UK bank account with the intention of donating the money to charitable causes Abramovich has confirmed. An additional £1.75bn will be invested in the Chelsea stadium, academy, the women’s team and Chelsea Foundation.
Suitor Boehly is part owner of the Dodgers, a US baseball team, and US women’s basketball team the Los Angeles Sparks. He also owns a stake in the LA Lakers franchise.
The deal is close to receiving the assent of the Premier League, The Times first reported.