The Roman Abramovich era is set to officially come to an end as Chelsea have reached an agreement with a consortium led by Todd Boehly to become the new owners.

Chelsea have issued an official statement confirming that they have an agreement in place with a consortium led by American billionaire Todd Boehly over the ownership of the club.

Chelsea have been under sanction by the UK Government after current owner Roman Abramovich’s ties with Russian President Vladimir Putin came to light. Soon after the sanctions were placed, the Russian billionaire withdrew from an active role in the club’s administration before deciding to put Chelsea up for sale.

There were plenty of interested parties to complete a takeover at Stamford Bridge, but the consortium led by Todd Boehly had emerged as the early favourites. The owner of LA Dodgers, along with Clearlake Capital, Mark Walter and Swiss billionaire Hansjorg Wyss have now reached an agreement to acquire Chelsea FC in a deal worth around £4.25 billion.

The official statement from Chelsea 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.”

The sale will be finalised this month, subject to all necessary permissions and approvals. BBC Sport reports that the new owners have agreed not to sell a majority stake in the club until 2032.

With it, the Roman Abramovich era will officially come to an end at Chelsea. The Russian oligarch became the owner of the west London outfit in 2003 and invested heavily in the team, helping them grow into one of the most successful clubs across the globe. During this period, Chelsea won numerous titles and trophies, including two UEFA Champions League triumphs.

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