Chelsea FC sale to be completed on Monday

Chelsea Football Club said on Saturday that a "final and definitive" deal has been reached for the consortium fronted by Los Angeles Dodgers part owner Todd Boehly to buy the business.

Russian owner Roman Abramovich put the club up for sale in early March following the invasion of Ukraine in anticipation of sanctions by the British government over his links to Russian President Vladimir Putin.

His assets were later frozen by both the UK and the European Union.

What has been agreed?

The club said in a statement Saturday that "a final and definitive agreement was entered into" a day earlier to sell the club to the Todd Boehly/Clearlake Capital consortium.

"It is expected that the transaction will be completed on Monday. The club will update further at that time," the statement added.

The takeover is worth 4.25 billion pounds (€5 billion, $5.4 billion) — the highest ever for a sports team.

The club previously said all proceeds from the sales would be donated by Abramovich to charitable causes.

Boehly's consortium, which was backed by majority shareholder Clearlake Capital, won the bid to acquire the London side earlier this month.

Other investors include US billionaire Mark Walter, who is Boehly's co-owner at the Dodgers, and Swiss billionaire Hansjorg Wyss.

Boehly's group was chosen out of several potential buyers after pledging to invest 1.75 billion pounds in the teams and infrastructure.

Why was the sale necessary?

After Russian tanks rolled into Ukraine in February, the UK government described Abramovich as part of Russian President Vladimir Putin's inner circle and froze his assets.

The sanctions forced the club to be run under a special license to ensure that the oligarch could no longer profit from the business or its sale. The license was due to expire on May 31.

The curbs prevented the club from making player transfers or renewing player contracts.

The sale needed approval from the UK government, the Premier League and also Portugal's government, as Abramovich became a citizen of the country last year.

How did Abramovich react to the completion?

"I am pleased this search has now come to a successful conclusion," Abramovich said in a statement issued Saturday.

"It has been an honor of a lifetime to be a part of this club," the 55-year-old said. "As I hand over Chelsea to its new custodians, I would like to wish them the best of success, both on and off the pitch."

"I am proud that as a result of our joint successes, millions of people will now benefit from the new charitable foundation which is being established," Abramovich added.

Chelsea Supporters' Trust described the sale on Twitter as "a new era" for the club.

"We wish you every success as custodian of our club and look forward to a long and mutually beneficial relationship between you and Chelsea supporters," the statement added.

Abramovich transformed Chelsea 

Abramovich bought Chelsea for just 140 million pounds in 2003 at a time when Manchester United and Arsenal were the dominant forces in the Premier League.

The Russian oligarch is credited with transforming the club's fortunes — routinely bankrolling blockbuster transfers and spending more than $1 billion on playing personnel.

He was rewarded with a staggering 19 major trophies in his 19-year reign, including five Premier League titles, five FA Cups and two Champions League triumphs.

mm/msh (AFP, AP, dpa, Reuters)