CHELSEA CONFIRM SALE OF CLUB IN £4.25BN DEAL AS ABRAMOVICH ERA SET TO END

Chelsea FC have confirmed that an ownership group led by American businessman Todd Boehly has signed an agreement to take over from Roman Abramovich.

In a statement, the club said: "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."

"The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time "

The new owners have also pledged to fund redevelopment of Stamford Bridge, the Academy, the Women's Team and Kingsmeadow.

Funding for the Chelsea Foundation will also continue.