A consortium led by Todd Boehly has signed a contract to buy Chelsea Football Club, per Matt Law on Telegraph.

The deal to end Roman Abramovich’s ownership will go through “subject to Premier League and UK government approval”. Work in progress.

Official statement read:

“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, 2.5 billion 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 in further investment for the benefit of the Club. This includes investment 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 the late May subject to all necessary regulatory approvals. More details will be provided at that time”.