Todd Boehly has agreed terms for his consortium to complete the purchase of Chelsea Football Club, it has been confirmed.
The American is the head of a group who have been successful in their bid to purchase Chelsea, subject to Government and Premier League approval.
Chelsea have released an official statement to confirm that the group and the club have agreed terms ahead of the takeover.
The statement writes: “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.”
It then proceeds to reveal that the club will be brought for £2.5 billion, which is intended to be donated to charitable causes.
“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.”
Furthermore, Chelsea confirm that the new owners have committed a further £1.7 billion into the running of the club.
“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,” it concludes.