A consortium led by LA Dodgers baseball team-owner Todd Boehly and backed by Clearlake Capital has won the bid to acquire English Premier League football club Chelsea in a deal worth 4.25 billion pounds ($7.41 billion).
Key points:
The proposed sale will be sent to the UK government and Premier League for approval
The consortium is on course to complete the takeover of the club by the end of this month
The Boehly group was chosen as the preferred bidder for Chelsea last month.
The proposal has now been sent to the UK government and Premier League for approval.
The Stamford Bridge-based outfit announced the deal for the reigning European champions in a statement issued in the early hours of Saturday. Earlier reports suggested the winning bid was worth up to 4 billion pounds.
"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," the statement said.
"The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time."
Chelsea said the new owners would pay 2.5 billion pounds to purchase shares while committing a further 1.75 billion pounds toy invest in the stadium, women's team, the academy and the Chelsea Foundation.