Chelsea have confirmed Todd Boehly’s consortium has agreed terms to buy the Stamford Bridge club from Roman Abramovich in a STG4.25 billion ($A7.5 billion) deal.
Los Angeles Dodgers co-owner Boehly has won the race to buy the Blues amid the most public major sports franchise takeover in history.
Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss must now wait for Premier League and UK Government approval before rubber-stamping the agreement.
Eldridge Industries chief executive Boehly was in London on Friday night and is expected to attend Chelsea’s Premier League clash with Wolves at Stamford Bridge on Saturday.
“Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss, to acquire the club,” a Chelsea statement read.
“Of the total investment being made, STG2.5 billion ($A4.3 billion) will be applied to purchase shares in the club, and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100 per cent to charitable causes as confirmed by Roman Abramovich.
“UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account.
“In addition, the proposed new owners will commit STG1.75 billion ($A3 billion) in further investment for the benefit of the club.
“This includes investments in Stamford Bridge, the academy, the women’s team and Kingsmeadow and continued funding for the Chelsea Foundation.
“The sale is expected to be complete in late May subject to all necessary regulatory approvals. More details will be provided at that time.”
Boehly leads the consortium bid, but US investment firm Clearlake Capital investment is expected to hold the majority stake.
The Boehly consortium is understood to have agreed to clauses that block the payment of dividends or management fees until 2032, also barring the sale of any Chelsea shares for 10 years.
The signed purchase agreement represents a major step forward in the Chelsea takeover, that has moved on apace since March 2 when Abramovich put the club up for sale, amid Russia’s continued invasion of Ukraine.
Abramovich was then sanctioned by the UK Government on March 10, with Downing Street claiming to have proven his links to Russia’s president Vladimir Putin.
Russian-Israeli billionaire Abramovich has owned Chelsea since 2003, steering the club to 21 trophies in his 19 years at the Stamford Bridge helm.
The 55-year-old was understood to have viewed completing the clean sweep of global trophies with the Club World Cup title in February as the end of an era.
Abramovich insisted on Thursday he still wants to write off Chelsea’s STG1.5 billion ($A2.6 billion) debt to him when the club’s sale is complete.
That loan cannot be written off under the terms of Abramovich’s sanctions however, and it is expected to be frozen on completion of the sale.
The club must be sold by the May 31 deadline, when the Government’s temporary licence for Chelsea expires.
Chelsea’s current licence bars the club from agreeing new contracts with existing players, or bringing in any new recruits.
Abramovich remains hopeful his plan to donate all the proceeds of the sale to a new charitable foundation can still come to fruition.
The Government is expected to ensure the sale proceeds benefit victims of the war in Ukraine, with Abramovich hoping independent directors can run a new foundation.