Chelsea Football Club announced that “a definitive agreement has been reached” to transfer ownership of the London club to a consortium led by Todd Boley, co-owner of the Los Angeles Dodgers and backed by Clearlake Capital.
The alliance, which won the race to buy the club earlier this month, secured Premier League and British government approval to complete the deal last week.
Former Russian club owner Roman Abramovich is subject to sanctions imposed by the British government in light of the Russian-Ukrainian war on 24 February, so Abramovich put the club up for sale in early March.
“Chelsea Football Club can confirm that last night a definitive agreement was reached to sell the club to the Todd Pooley/Clearlake Capital alliance,” Chelsea said in a statement.
The statement added: The transaction is expected to close on Monday. The club will announce further details at this time.
The deal also needed Portuguese government approval after Abramovich obtained citizenship last year and is therefore subject to EU sanctions.
Upon completion of the deal, Chelsea will be able to conclude transfer agreements and extend the contracts of its current players.
Abramovich bought Chelsea in 2003, after which the club won the Premier League title five times, the FA Cup five times and the Champions League twice.