English club Chelsea announced today, Saturday, the transfer of ownership of the club from Russian Roman Abramovich to a new ownership led by Todd Boehle, Klerlake Capital, Mark Walter and Hanswig Weiss, to acquire the club.

Chelsea issued an official statement, saying: "Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehle, Klerlake Capital, Mark Walter and Hanswig Weiss, to acquire the club."

He added: "Of the total current investment, £2.5 billion will be applied to purchase shares in the club and this proceeds will be deposited into a UK frozen bank account with the intent of donating 100% to charity as confirmed by Roman Abramovich.

"In addition, the proposed new owners will commit £1.75 billion in additional investment to the club. This includes investments in Stamford Bridge, the academy, the women's team, Kingsmeadow, and ongoing funding for the Chelsea Foundation."

The sale is expected to be completed in late May subject to all necessary regulatory approvals. More details will be provided at that time.