Chelsea Football Club confirm that terms have been agreed for new ownership.
A consortium, led by American businessman Todd Boehly, has signed a contract to buy the club and bring an end to the Roman Abramovich era.
The deal - worth £4.25bn - is still subject to approval from both the Premier League and the UK government, but the sale is expected to be completed later this month.
In the early hours of Saturday morning, Chelsea released the following statement: "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.
"In addition, the proposed new owners will commit £1.75bn 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 complete in late May subject to all necessary regulatory approvals. More details will be provided at that time."
LONDON, ENGLAND - APRIL 24: The Chelsea corner flag is seen during the Premier League match between Chelsea and West Ham United at Stamford Bridge on April 24, 2022 in London, England. (Photo by Ryan Pierse/Getty Images)
Chelsea fans can finally start thinking more positively following weeks of horrible uncertainty.
Abramovich was recently sanctioned by the UK government, which placed the immediate future of the club into doubt.
Chelsea are currently operating on a special licence that expires on May 31st and have been unable to negotiate new contracts with players like Antonio Rudiger, who is now set to join Real Madrid on a free transfer.
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Who is Todd Boehly?
So, who is the imminent new ownership group's main man?
Boehly is an American investor, philanthropist and businessman worth a reported £3.6 million individually.
From a sporting perspective, he owns 20% of the Los Angeles Dodgers (baseball) and is also a part owner of the Los Angeles Sparks (basketball).
Boely and Walter also acquired a 27% stake in the Los Angeles Lakers (basketball) back in July of last year.