Chelsea Football Club has been sold to Todd Boehly-led Consortium for £2.5bn. reports that Chelsea Football Club has announced that terms have been agreed with a new ownership group to acquire the Premier League giants after former owner Roman Abramovich was sanctioned by the U.K. government.

The club made this known in an official statement posted on its website on Saturday. It said that a “new ownership group” led by Todd Boehly would acquire the club.

The statement added that £2.5billion will be invested to purchase the shares in the club, with proceeds going to charity and £1.75 billion for the “benefit” of the club.

They 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 percent 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.”

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