A consortium led by Los Angeles Dodgers part-owner Todd Boehly and backed by Clearlake Capital has won the bid to acquire Premier League club Chelsea, the team announced on Friday.
The sale, which has a total value of £4.25bn ($5.25bn) is expected to complete in late May subject to all necessary regulatory approvals.
"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.