Chelsea Football Club have confirmed that their £ 1million purchase will end on Monday.
The English Premier League club is being sold to a consortium led by Los Angeles Dodgers co-owner Todd Boehly and backed by Clearlake Capital.
A statement from the club on Saturday said: “Chelsea Football Club can confirm that a final and definitive agreement was signed last night to sell the club to the Todd Boehly / Clearlake Capital consortium.
“The transaction is expected to be completed on Monday. The club will update further at that time.”
After Chelsea went on sale on March 2, the Boehly-led bid reached a £ 4.25bn deal after a two-month process, largely funded by the private equity firm of the United States Clearlake Capital.
The sale, which was approved by the UK government earlier this week, will lower the curtain on Roman Abramovich’s 19-year tenure as Chelsea owner.
The government said in a statement that it had “reached a position where we could issue a license that would allow the sale” of the club.
“We are pleased that the proceeds from the sale will not benefit Roman Abramovich or other sanctioned individuals,” said Culture Secretary Nadine Dorries.
Image: Roman Abramovich is the former owner of Chelsea
It came after the Premier League board approved the takeover bid on Tuesday.
The former Chelsea owner was sanctioned by the UK government on March 10, days after the club was put up for sale, with Downing Street claiming to have shown ties to Russian President Vladimir Putin.
Abramovich said that the net profits from the sale of the club will be given to the victims of the war in Ukraine.
The deal to sell the football club was extended as the government assured that Mr Abramovich would not benefit from the forced sale of the club.
He and his advisers reached a £ 4.25bn binding agreement this month with a group funded mostly by Clearlake Capital, a California-based investment firm, and led by Mr. Boehly.
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1:01 Chelsea fans react to new owners
The club had been subject to a strict government operating license and all other assets of Mr. Abramovich in the UK froze.
Under the terms of the sanctions, Chelsea have not been able to make any transfers, either with existing players or with external goals, but once the inauguration is over, the team will be able to do business as usual.
Sky News, meanwhile, recently revealed that the terms of the acquisition would prevent Boehly and his fellow investors from paying dividends or covering management fees for a decade.
The new owners will also be prohibited from selling the club’s shares for 10 years, as well as accepting strict limits on the level of debt they can afford.