A consortium led by LA Dodgers co-owner Todd Boli and backed by Clearlake Capital has signed an agreement to buy Chelsea football club.

Chelsea have confirmed that the terms have been agreed for a new group of owners led by Mr Boli, Clearlake Capital, Mark Walter and Swiss billionaire Hansorg Vis to buy the club as part of a deal reportedly worth around £ 4.25 billion. .

Mr Boehly, CEO of Eldridge Industries, is leading the bid for the consortium, but U.S. investment firm Clearlake Capital is expected to own the majority stake.

This proposal will now be sent for approval to the UK Government and the Premier League.

In a statement to Sky News, Chelsea said: “The sale is expected to be completed in late May subject to all necessary regulatory approvals.

“More information will be provided at the time.”

Mr Bolly was in London on Friday night and is expected to attend Chelsea’s Premier League meeting with the Wolves at Stamford Bridge later today.

The club has been owned by Russian billionaire Roman Abramovich since 2003, and during his tenure he has won 19 major trophies.

But in March he put the club up for sale a few days before it sanctioned by the British government in response to Russia’s invasion of Ukraine.

The government accuses him of “close relations for decades” with Russian President Vladimir Putin.

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Todd Boli is leading the bid for the consortium, but most of the shares are expected to be owned by Clearlake Capital

Several parties have expressed interest, but groups led by Boston Celtics co-owner Stephen Pogluk and former British Airways chairman Martin Broton have been excluded from the bidding process.

A consortium led by Chicago Cubs owners, the Rickets family, declined to participate, and a late bid by British billionaire Jim Ratcliffe was rejected.

The Boehly consortium is believed to have agreed items blocking the payment of dividends or management fees until 2032also a ban on the sale of any Chelsea stock for 10 years.

Chelsea have said in a deal with Mr Boli’s consortium: “Of the total investment made, £ 2.5 billion will be used to buy the club’s shares, and such proceeds will be transferred to a frozen UK bank account with the intention of donating 100% for charity, confirmed Raman Abramovich.

“It will take the approval of the UK government to transfer income from a frozen UK bank account.

“In addition, the proposed new owners will allocate £ 1.75 billion for further investment in favor of the club.

“This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmead and continued funding for the Chelsea Foundation.”

On Thursday, Abramovich insisted he still wanted to write off Chelsea’s $ 1.5 billion debt to him when the club’s sale is completed.

However, this loan cannot be written off in accordance with the sanctions of Mr. Abramovich, and it is expected that it will be frozen after the sale.

https://news.sky.com/story/chelsea-fc-sale-boehly-led-consortium-signs-purchase-agreement-to-buy-club-12607230

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