LA Dodgers part-owner Todd Boehly has signed purchase agreement to buy Chelsea.
The consortium led by the Dodgers part-owner Todd Boehly has won the bid to acquire the West London club in a deal that could be worth up to £4bn.
But the deal is still subject to the Premier League and UK government approval.
The Boehly group includes Swiss billionaire Hansjorg Wyss and British property investor Jonathan Goldstein.
There was a last-minute higher offer from British billionaire Sir Jim Ratcliffe but it was rejected.
The Abramovich era is nearing an end and Boehly is expected to complete the deal by the end of this month.
“Of the total investment being made, £2.5bn ($3.1bn) 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”, Chelsea said in a statement.
“In addition, the proposed new owners will commit £1.75bn ($2.14bn) in further investment for the benefit of the Club.”