Chelsea and Abramovich, the end of an era 5:28
(CNN) --
Chelsea Football Club announced Friday that terms have been agreed for a new ownership group, led by Todd Boehly, to buy the club.
Boehly owns stakes in the MLB's Los Angeles Dodgers, the NBA's Los Angeles Lakers and the WNBA's Los Angeles Sparks.
Roman Abramovich: Death and destruction in Ukraine overshadow Russian oligarch's legacy at Chelsea
Chelsea say the sale is expected to be completed by the end of this month, "subject to all necessary regulatory approvals".
A press release on Chelsea's website reads: "Of the total investment being made, £2.5bn ($3.08bn) will be applied to purchase the club's shares and any such proceeds will be deposited into a frozen bank account. in the UK with the intention of donating 100% to charitable causes as confirmed by Roman Abramovich UK Government approval will be required for proceeds to be transferred from the frozen UK bank account.
"In addition, the proposed new owners will commit £1.75bn ($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. ".
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Chelsea F.C.
