Co-owner of the LA Dodgers baseball team, Todd Boehly, and his group is set to acquire Premier League club Chelsea, the club confirmed on Friday. As per the official statement, the new owners will pay an agreed amount of $5.2 billion, the money shall go into the frozen bank accounts and will be donated to charity.
The sale is expected to be complete in late May subject to all necessary regulatory approvals, the statement read. The sale completion will require approval from the UK government and the English football authorities. Further, the new owners would commit 1.75 billion euros which will be invested in the development of the cub.
Boehly's group includes his fellow Dodgers co-owner Mark Walter, Swiss Billionaire Hansjoerg Wyss, and US investment firm Clearlake Capital.
The club was put up for sale before owner Roman Abramovich faced sanctions by the UK government for his alleged links with Russian President Vladimir Putin post the Ukraine invasion. The club is currently operating on a special license issued by the Boris Johnson led government that allows them to play and pay salaries. The license expires on May 31st.