Chelsea to be sold for $3 billion to consortium led by American investor Todd Boehly

Todd Boehly is joined by Swiss billionaire Hansjorg Wyss as Chelsea expects the deal to be completed by late May

Chelsea is being sold to a consortium fronted by American sports investor Todd Boehly, ending 19 years of ownership and lavish investment by Roman Abramovich until the Russian oligarch was sanctioned and forced to offload the Premier League club.

The sale price of £2.5 billion ($3.1 billion) is the most lucrative ever for a sports team worldwide but Mr. Abramovich cannot receive the proceeds, which he hopes will go to a foundation for the victims of the war in Ukraine. A further £1.75 billion ($2.2billion) is committed to be invested in the reigning FIFA Club World Cup winners.

Chelsea said Saturday that terms for the buyout had been agreed with a consortium also features Mark Walter, who is also part of the Dodgers group, Swiss billionaire Hansjorg Wyss and funding from private equity firm Clearlake Capital.

The Premier League must approve them as the new ownership and the government has to sign off the new under the terms of the license that allows Chelsea to continue operating as a business through May 31 while one of Mr. Abramovich's frozen assets.

Chelsea expects the deal to be completed by late May.

"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.

Mr. Boehly is already in London was expected to attend Chelsea's Premier League match against Wolverhampton at Stamford Bridge on Saturday. Thomas Tuchel's side is third in the standings with four games remaining with the title out of reach but Champions League qualification closer to being secured.