Abramovich sells Chelsea to the owner of the Los Angeles Dodgers for 5,000 million

The English club

of Russian tycoon

has announced a sale agreement for about

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

baseball club

.

"

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,

within the Western sanctions on Russia.

The tycoon put

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,

and his partners were chosen by the

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

In addition to

, the group includes

co- owner

, Swiss billionaire

, and US investment firm Clearlake Capital.

"Of the total investment made, 2.5 billion pounds (

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

," Chelsea said.

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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