Chelsea Football Club announced on Friday that terms have been agreed for a new ownership group, led by Todd Boehly, to buy the club.
Boehly owns stakes in MLB’s Los Angeles Dodgers, NBA’s Los Angeles Lakers and WNBA’s Los Angeles Sparks.
Chelsea said the sale is expected to be completed by the end of this month, “subject to all necessary regulatory approvals.”
A press release on Chelsea’s website reads: “Of the total investment made, £2.5 billion (US$3.08 billion) will be used to purchase shares of the club. club and such proceeds will be deposited into a frozen UK bank account with the intention of giving 100% to charitable causes as confirmed by Roman Abramovich. UK Government approval is required for the proceeds to be transferred from a frozen UK bank account.
“Additionally, the proposed new owners would commit to an additional £1.75 billion (US$2.16 billion) investment for the benefit of the club. This includes investments in Stamford Bridge, Academy, Women’s Team and Kingsmeadow and continue to sponsor the Chelsea Foundation.”
