Chelsea say the takeover by a consortium including LA Dodgers’ co-owner Todd Boehly and private equity firm Clearlake Capital is expected to be completed on Monday.
Both the UK government and the Premier League have approved the takeover by the consortium – which also includes Swiss billionaire Hansjorg Wyss and another LA Dodgers co-owner in Mark Walter.
“Chelsea Football Club can confirm that a final and definitive agreement was entered into last night to sell the Club to the Todd Boehly/Clearlake Capital consortium,” the club said in a statement.
“It is expected that the transaction will be completed on Monday. The club will update further at that time.”
Chelsea have been operating under a special licence granted by the government which has placed financial restrictions on the club such as not being able to sell certain tickets or any merchandise, following the sanctioning of now former owner Roman Abramovich in response to Russia’s invasion of Ukraine.
The UK government believe Abramovich has strong connections to Russian president Vladmir Putin and the Russian billionaire will not be able to benefit from the sale of the club.
But the change of ownership will see these sanctions lifted ahead of the summer transfer window.
In a statement, Abramovich said: “It has been nearly three months since I announced my intention to sell Chelsea FC.
“During this time, the team have worked hard to find the right custodian for Chelsea FC that would be best positioned to successfully lead the Club into its next chapter.
“I am pleased this search has now come to a successful conclusion. 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.
“It has been an honour of a lifetime to be a part of this Club. I would like to thank all the club’s past and current players, staff, and of course fans for these incredible years.
“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. This is the legacy which we have created together.”