The English club

Chelsea FC

of Russian tycoon

Roman Abramovich

has announced a sale agreement for about

5.2 billion dollars

(5 billion euros) to a consortium led by the American

Todd Boehly , co-owner of the

Los Angeles Dodgers

baseball club

.

"

Chelsea FC

can confirm that terms have been agreed" for "a new ownership group, led by Todd Boehly", to acquire the club for a reported £4.25bn, it said in a statement.

"The sale is expected to be completed by the end of May, subject to all necessary regulatory approvals," added the London club,

affected by the measures taken against Abramovich

within the Western sanctions on Russia.

The tycoon put

Chelsea

up for sale in March, shortly after receiving sanctions from the British government for the start of the Russian invasion of Ukraine, which included an asset freeze.

After a long negotiation process with several groups,

Boehly

and his partners were chosen by the

Raine

group , a New York bank in charge of the process of selling the latest Champions League winners.

In addition to

Boehly

, the group includes

Dodger

co- owner

Mark Walter

, Swiss billionaire

Hansjorg Wyss

, and US investment firm Clearlake Capital.

"Of the total investment made, 2.5 billion pounds (

3 billion dollars)

will be used to buy the club's shares and said income will be deposited in a frozen British bank account with the intention of giving 100% to charitable causes, as confirmed by

Roman Abramovich

," Chelsea said.

"The approval of the UK government

will be needed

to transfer this proceeds from the frozen UK bank account," it added.

In addition, the new owners commit to an investment of 1,750 million pounds (about 2,200 million dollars) for the benefit of the club.

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