Todd Boehly-led group agrees deal to buy Chelsea Football Club

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(CNN)Chelsea Football Club announced Friday that presumption person been agreed for a caller ownership group, led by Todd Boehly, to bargain the nine successful a woody worthy much than $5 billion.

Boehly owns stakes successful the MLB's Los Angeles Dodgers, the NBA's Los Angeles Lakers and the WNBA's Los Angeles Sparks.

Chelsea says the merchantability to a consortium led by Boehly and backed by Clearlake Capital is expected to implicit aboriginal this month, "subject to each indispensable regulatory approvals."

    The club's existent proprietor is Russian oligarch Roman Abramovich, who is taxable to sanctions by the British authorities and has seen his assets frozen.

      Abramovich put the nine up for sale successful aboriginal March pursuing the Russian penetration of Ukraine, saying astatine the clip it was "in the champion involvement of the Club."

      On Friday, the nine said that of the full concern being made, 2.5 cardinal pounds ($3.08 billion) volition beryllium utilized to bargain the shares successful the nine and this wealth would beryllium deposited into a frozen UK slope relationship "with the volition to donate 100% to charitable causes arsenic confirmed by Roman Abramovich."

      UK authorities support would beryllium required for the proceeds to beryllium transferred from the frozen UK slope account, the nine added.

        It said the projected caller owners would besides "commit 1.75 cardinal pounds ($2.16 billion) successful further concern for the payment of the club". This would see investments successful the club's stadium Stamford Bridge, its academy, the women's squad and backing for the Chelsea Foundation charity.

          The announcement of the Boehly woody comes with conscionable implicit 3 weeks remaining connected the club's existent operating licence, which expires connected May 31.

          Among those antecedently to person expressed an involvement successful the nine are British billionaire Jim Ratcliffe and groups led by Boston Celtics co-owner Stephen Pagliuca and erstwhile British Airways president Martin Broughton, and a consortium led by Chicago Cubs owners the Rickets family.

          Reuters contributed to this report.

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