Chelsea said on Saturday a final agreement had been reached to sell the Premier League club to a consortium led by Los Angeles Dodgers co-owner Todd Boehly and backed by Clearlake Capital.
The takeover is expected to be finalized on Monday.
The consortium, which won the London side’s takeover bid earlier this month, this week received approval from the Premier League and the UK government for the sale to proceed.
“Chelsea Football Club can confirm that a final and binding agreement was reached last night to sell the Club to the Todd Boehly/Clearlake Capital consortium,” the club said in a statement.
“The transaction is expected to be finalized on Monday. The club will update further at that time.”
Russian owner Roman Abramovich put the club up for sale in early March following the Russian invasion of Ukraine, which Moscow describes as a “special military operation”.
The sale also needed the green light from the Portuguese government after Abramovich became a citizen of the country last year and faced European Union sanctions.
Chelsea had been operating under a special license issued by the UK government since Abramovich’s assets were frozen in March, and it was due to expire on May 31.
The club had previously confirmed that Abramovich would donate all proceeds from the sale, which would be placed in a frozen bank account, to charitable causes.
“I am proud that as a result of our joint successes, millions of people are now benefiting from the new charitable foundation being created,” Abramovich said in a statement posted on Chelsea’s website.
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Abramovich bought the club in 2003 and helped Chelsea become a dominant force in English football, leading them to five Premier League titles, five FA Cups and two Champions League trophies during his reign.
“My goal has been to ensure that the next owner has a mindset that will allow them to be successful,” Abramovich added. “I am pleased that this research has now come to a successful conclusion.
“As I hand over Chelsea to their new goalkeepers, I would like to wish them the best of luck, both on and off the pitch.
“It has been an honor of a lifetime to be part of this club. I would like to thank all of the club’s past and current players, staff and of course the fans for these amazing years.”
Completing the sale will allow Chelsea to renew transfer activity and allow players to sign new contracts, which was prohibited under the sanctions imposed.