Chelsea have confirmed that American businessman Todd Boehly has agreed to acquire the club for £4.25 billion from Roman Abramovich.

Todd Boehly’s £4.25 billion takeover of Chelsea has been completed, according to Chelsea.

This comes after the Raine Group, the American bank in charge of the sale, nominated Boehly’s group as the favored bidder to take control at Stamford Bridge. To buy the team, he teamed up with fellow Dodgers owner Mark Walter, Swiss billionaire Hansjorg Wyss, and investment firm Clearlake Capital.

Boehly beat over consortiums led by Stephen Pagliuca and Sir Martin Broughton, as well as a late £4.25 billion bid from Sir Jim Ratcliffe, Britain’s richest man.

Following the clearance of the UK Government, Chelsea stated on their official website in the early hours of Saturday morning that Boehly and his consortium can purchase the club.

‘Chelsea Football Club can confirm that arrangements have been negotiated for a new ownership group led by Todd Boehly, Clearlake Capital, Mark Walter, and Hansjoerg Wyss to acquire the Club,’ according to the statement.

‘Of the overall investment, £2.5 billion will be used to buy the Club’s shares, with the revenues going into a frozen UK bank account with the goal of donating 100% to philanthropic causes,’ according to Roman Abramovich. The proceeds will need to be transferred from the blocked UK bank account with the permission of the UK government.

‘In addition, the prospective new owners will invest an additional £1.75 billion in the Club’s benefit.’ This includes money for the Chelsea Foundation as well as investments at Stamford Bridge, the Academy, the Women’s Team, and Kingsmeadow.

‘Subject to all relevant regulatory approvals, the sale is scheduled to close in late May.’ At that time, more information will be supplied.’

Following Russia’s invasion of Ukraine and his close friendship with Russian President Vladimir Putin, Russian billionaire Roman Abramovich put the club up for sale just before the UK Government sanctioned him in March.

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