Chelsea Football Club announced on Friday that a new ownership group led by Todd Boehly has agreed to purchase the club for more than $5 billion.
Boehly has shares in the Los Angeles Dodgers of Major League Baseball, the Los Angeles Lakers of the NBA, and the Los Angeles Sparks of the WNBA.
The sale to a partnership managed by Boehly and financed by Clearlake Capital is scheduled to close later this month, "subject to all relevant regulatory approvals," according to Chelsea.
The club's current owner is Russian oligarch Roman Abramovich, who is subject to British government sanctions and has had his assets frozen.
Following Russia invasion of Ukraine, Abramovich put the club up for sale in early March, stating that it was "in the best interests of the Club."
On Friday, the club announced that 2.5 billion pounds ($3.08 billion) of the total investment would be used to purchase club shares, and that the money would be deposited into a frozen UK bank account "with the intention of donating 100 percent to charitable causes, as confirmed by Roman Abramovich."
The proceeds from the frozen UK bank account would require UK government approval, according to the club.
It was also stated that the proposed new owners would "commit 1.75 billion pounds ($2.16 billion) in additional investment for the benefit of the club." This would include investments in Stamford Bridge, the club's academy, the women's team, and funding for the Chelsea Foundation charity.
The Boehly deal was announced with just over three weeks remaining on the club current operating licence, which expires on May 31.
British billionaire Jim Ratcliffe, groups led by Boston Celtics co-owner Stephen Pagliuca and former British Airways chairman Martin Broughton, and a consortium led by Chicago Cubs owners the Rickets family have previously expressed interest in the club.
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