Chelsea confirm terms agreed with Todd Boehly-led consortium to buy Premier League club

Chelsea Football Club on Saturday confirmed that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Premier League club.

The group is headed by Todd Boehly who is also the LA Dodgers part-owner and it also includes backing from Clearlake Capital, a US investment firm.

Of the total investment being made, 2.5 billion pounds 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 1.75 billion pounds 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, the club added.

( With inputs from ANI )