After months of intense speculation and anxiety, Chelsea Football Club says terms have been agreed for a £4.25bn ($5.2bn) sale to a consortium led by Todd Boehly, co-owner of the LA Dodgers baseball team.
The new owners is expected to pay £2.5bn for the club’s shares, the statement said.
The money will go into a frozen bank account to be donated to charity.
The consortium – led by Mr Boehly as well as Clearlake Capital, Mark Walter and Swiss billionaire Hansjoerg Wyss – will also provide £1.75bn to invest in the club.
In a statement,Chelsea said the sale was expected to complete in late May. The takeover will require approval from the English football authorities and the UK government.
Mr Boehly, an American investor and businessman, has a reported net worth of $4.5bn (£3.6bn), according to Forbes.
He is a part owner of the Dodgers – a US baseball franchise – and US women’s basketball outfit the Los Angeles Sparks, and owns a stake in the renowned LA Lakers NBA franchise.