The team announced on Friday that a consortium led by Los Angeles Dodgers part-owner Todd Boehle and backed by Clearlake Capital has won the bid for Premier League club Chelsea.
The sale, which has a total value of 4.25 billion pounds ($5.25 billion), is expected to be completed in late May, subject to all necessary regulatory approvals.
Russian owner Roman Abramovich, who is now under sanctions by the British government, put the London club up for sale in early March after his country’s invasion of Ukraine.
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Of the total ongoing investment, £2.5 billion ($3.1 billion) will be applied to purchase shares in the club, and this proceeds will be deposited into a UK frozen bank account with the intent of donating 100% to charitable causes as confirmed by Roman Abramovich. Chelsea said in a statement. In addition, the proposed new owners will commit 1.75 billion pounds ($2.14 billion) in additional investment for the benefit of the club.
Sources told ESPN last week that the Bohley-led consortium had clearly moved in the race to buy Chelsea after being selected as the preferred bidder despite a recent bid by British billionaire Sir Jim Ratcliffe.
Abramovich paved the way for the takeover on Thursday after he denied reports that he wanted to repay a 1.5 billion pound ($1.85 billion) loan to the club.
The Boehly Group, which also includes Swiss billionaire Hansjorg Wyss and British real estate investor Jonathan Goldstein, was in exclusive negotiations to buy the club after Ratcliffe’s late offer was rejected.
Groups led by Boston Celtics co-owner Stephen Pagliuca and former British Airways chairman Martin Bruton were earlier disqualified from the bidding process, while a consortium led by owners of the Chicago Cubs and the Ricketts family pulled out of the competition.
Reuters contributed to this report.