Todd Boehly consortium signs agreement to take over Chelsea

Chelsea owner Roman Abramovich was sanctioned by the United Kingdom government last week in their efforts to cut off resources of Russian President Vladimir Putin as the nation's invasion of Ukraine continues. 

Abramovich, who has owned the club since 2003, is in the midst of trying to find a buyer for the club and talks were underway between several interested parties. It has been confirmed by official club channels Todd Boehly's consortium has signed an agreement to purchase Chelsea from Roman Abramovich.

The consortium which was spearheaded by the LA Dodgers part owner- which also includes backing from Clearlake Capital, a US investment firm beat off competition from 4.25billion bidder Sir Jim Ratcliffe and other consortiums led by Stephen Pagliuca and Sir Martin Broughton to win the battle to become the Premier League club's new owners.

The Government can now issue a separate license to allow the London club to be sold and Chelsea would need to acquire a license within June 8 to be a part of the next campaign. The club released a statement announcing the successful takeover of the club.

"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 percent to charitable causes as confirmed by Roman Abramovich. 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,” Chelsea said in a statement.