Todd Boehly-led group agrees deal to buy Chelsea Football Club
By Andrew Raine
(CNN) -- Chelsea Football Club announced Friday that terms have been agreed for a new ownership group, led by Todd Boehly, to buy the club in a deal worth more than $5 billion.
Boehly owns stakes in the MLB's Los Angeles Dodgers, the NBA's Los Angeles Lakers and the WNBA's Los Angeles Sparks.
Chelsea says the sale is expected to complete later this month, "subject to all necessary regulatory approvals."
A press release on Chelsea's website reads: "Of the total investment being made, £2.5b ($3.08b) will be applied to purchase the shares in the club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100% to charitable causes as confirmed by Roman Abramovich. UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account.
"In addition, the proposed new owners will commit £1.75b ($2.16bn) in further investment for the benefit of the club. This includes investments in Stamford Bridge, the Academy, the Women's Team and Kingsmeadow and continued funding for the Chelsea Foundation."
More to follow.
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