"The sale is expected to be finalized at the end of May subject to obtaining all necessary regulatory approvals," the club said in a statement issued late Friday.

Chelsea boss, Russian Roman Abramovich, put the club up for sale in March days before it faced British sanctions in the wake of Russia's invasion of Ukraine launched on February 24.

He had insisted he would not claim back any loans taken out by the club throughout his 19-year reign and that all proceeds from the sale would go to war victims.

"Mr. Abramovich's intentions regarding the donation of proceeds from the sale of Chelsea to charity have not changed," a spokesman said Thursday.

Todd Boehly, October 19, 2021 in Beverly Hills (United States) Patrick T. FALLON AFP / Archives

After a long bidding process involving several groups, it was that of Mr. Boehly and his investor partners who was chosen by the New York bank Raine Group, which is overseeing the sale.

Donate to good causes

This group is made up, in addition to Mr. Boehly, of Mark Walter, co-owner with him of the Dodgers, of the Swiss billionaire Hansjoerg Wyss and of the American investment company Clearlake Capital.

"Chelsea Club can confirm that terms have been agreed for a new group of owners, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the club," the statement from Chelsea FC said. .

"Of the total investment that is going to be made, £2.5 billion will be used to buy back the club's shares and this sum will be deposited in a frozen UK bank account with the intention of donating 100% to charitable actions as validated by Roman Abramovich", he continued.

London club Chelsea have announced a $5.2 billion bid for their takeover by a group led by Todd Boehly Daniel LEAL AFP/Archives

"The UK government's green light will be required for these funds to be transferred from the frozen bank account," the club said.

Additionally, the new owners have pledged to invest a further £1.75 billion on behalf of the club, the statement said.

Since its sale on March 2, the club has been playing in the Premier League thanks to a special license which prevents it from offering new contracts to its players or recruiting them.

A license that is due to end on May 31.

Under the auspices of its Russian owner, the club has accumulated success, including five Premier League titles and two Champions League trophies.

After a long winning streak on the heels of announcing their next change of hands, Chelsea have been struggling lately.

They lost in the Champions League quarter-finals to Real Madrid and their place in the Premier League top four is far from guaranteed.

© 2022 AFP