Chelsea have announced they have entered into a final agreement with Todd Boehly/Clearlake Capital consortium to sell the club.
"Chelsea Football Club can confirm that a final and definitive agreement was entered into last night to sell the club to the Todd Boehly/Clearlake Capital consortium," read a statement on the club's website.
"It is expected that the transaction will be completed on Monday. The club will update further at that time."
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The UK Government approved the £4.25bn takeover by the consortium led by the LA Dodgers co-owner Boehly on Wednesday.
The deal will end 19 years of ownership under Roman Abramovich.
The Russian oligarch was sanctioned following his country's invasion of Ukraine, because of his links with president Vladimir Putin. The Kremlin’s decision to enter into a war with its neighbour ultimately meant Abramovich needed to sell the club to keep it alive - but only if he would not profit from it.
Chelsea have been operating under a special licence which kept the club running, but with big limitations.
"It has been nearly three months since I announced my intention to sell Chelsea FC," said Abramovich in a statement.
"During this time, the team have worked hard to find the right custodian for Chelsea FC that would be best positioned to successfully lead the club into its next chapter.
"The ownership of this club comes with great responsibility. Since I came to Chelsea nearly twenty years ago, I have witnessed first-hand what this club can achieve. My goal has been to ensure that the next owner has a mindset that will enable success for the Men’s and Women’s team, as well as the will and drive to continue developing other key aspects of the club, such as the Academy and the vital work of Chelsea Foundation.
"I am pleased this search has now come to a successful conclusion. As I hand over Chelsea to its new custodians, I would like to wish them the best of success, both on and off the pitch.
"It has been an honour of a lifetime to be a part of this club – I would like to thank all the club’s past and current players, staff, and of course fans for these incredible years.
"I am proud that as a result of our joint successes, millions of people will now benefit from the new charitable foundation which is being established. This is the legacy which we have created together."
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