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A US consortium has agreed to buy Chelsea, the English Premier League (EPL) club, for £4.25 billion following the forced exit of Roman Abramovich, its former owner.

The US consortium, earlier chosen as the preferred bidder, is led by Todd Boehly, co-owner of the Los Angeles Dodger baseball team. Others include Mark Walters, Hansjoerg Wyss, the Swiss billionaire; and Clearlake Capital.

The sale, still subject to final league regulations, marks the exit of Abramovich from the club after 19 years as its owner.

🚨🔵 Official. Chelsea statement now confirms that “terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Club”. #CFC

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It’s the end of Roman Abramovich era. pic.twitter.com/fTw5EMdd8p

— Fabrizio Romano (@FabrizioRomano) May 7, 2022

The Russian Oligarch was forced out by the UK government due to his ties with Vladimir Putin, the Russian president, who ordered the invasion of Ukraine.

A statement released by Chelsea on Saturday confirmed the change of ownership.

The statement added that the new owners will pay £2.5 billion to buy all club shares, while the money would be held frozen in a bank account to be donated to charity as previously agreed by Abramovich.

Club Statement.

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— Chelsea FC (@ChelseaFC) May 7, 2022

“Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Club,” it read.

“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% to charitable causes as confirmed by Roman Abramovich. UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account.

“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.

“The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time.”

Boehly, an investor and businessman, is worth £3.6bn, according to Forbes.

Apart from his co-ownership of LA Dodgers, the 46-year-old American also co-owns Los Angeles Sparks, a US women’s basketball team, and has a minority stake in LA Lakers, a leading basketball franchise in the NBA.