American businessman Todd Boehly and his consortium have won the bid to become their new owner of Chelsea.

Beohly, who is the co-owner of LA Lakers and LA Dodgers, will take over from current Blues owner Roman Abramovich after 19 years.

Abramovich is a Russian oligarch who was sanctioned by the UK government over his links to Russian president Vladimir Putin after he invaded Ukraine.

In a statement released by the Premier League on Saturday morning, the deal is still subject to Premier League and UK government approval.

“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.

“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.”

The takeover should be fully completed before June, meaning Boehly will be able to fund Chelsea’s summer transfers in his first transfer window.

Boehly and his group won the race to become the preferred owner last Friday despite late interest from British billionaire Sir Jim Ratcliffe. Abramovich has owned Chelsea since 2003, leading the club to 21 trophies.

Source: Sports Brief News