Chelsea football club have confirmed that Clearlake Capital led by Todd Boehly will be the club's new owners after Roman Abramovic.
A deal reportedly worth over £2.5bn has been agreed to and will be applied to purchase the shares in the club, according to the club.
"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," the club said in a statement on early Saturday morning.
"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," Chelsea added in the statement.
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"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."
More details to follow...