Chelsea takeover: Club confirm agreement reached with Todd Boehly's consortium

Sean Walsh
Chelsea's takeover is nearing completion
Chelsea's takeover is nearing completion / Craig Mercer/MB Media/GettyImages

Chelsea have confirmed that Todd Boehly's consortium should complete their takeover of the club by the end of May.

The Blues have been on the hunt for a new owner after sanctions were brought against Roman Abramovich in March and have been operating under a special licence - which is due to expire at the end of this month - ever since.

But it was reported late on Friday that Boehly has signed a purchase agreement to complete the deal, and Chelsea released a statement in the early hours of Saturday confirming this.

"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," a statement read.

"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."