Chelsea confirm sale of club in £4.25bn deal as Abramovich era set to end

dailystar.co.uk:

Chelsea FC have confirmed that an ownership group led by American businessman Todd Boehly has signed an agreement to take over from Roman Abramovich.The purchase follows the UK Government's decision to 'freeze' the club's assets due to its ownership by the sanctioned Russian billionaire.Boehly's £4.25bn deal includes a £2.5billion up-front share purchase and an additional £1.75billion in investment.In a statement, the club said: "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.""Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100% 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.""The sale is expected to complete in late May subject to all necessary regulatory approvals.

More details will be provided at that time."The new owners have pledged to fund redevelopment of Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow as part of the £1.75billion sum.Funding for the Chelsea Foundation will also continue.Speaking when he was revealed as the club's preferred bidder last week, the owner of the Los Angeles Dodgers US baseball team said: "There’s nothing like sports to excite passion.

And if you have passion, then you have people who care about things. And if you have people who care about things, you have great opportunity."And really, it’s about curating that experience, that access, that opportunity.