Chelsea Football Club has confirmed its new consortium of owners led by American billionaire and part-owner of the Los Angeles Dodgers, Todd Boehly. 

The club was put up for sale after former owner, Roman Abramovich, ​​was sanctioned by the British government over Russia’s war on Ukraine and his close links to President Vladimir Putin. 

The bidding war resulted in a deal worth $7.4 billion, led by Boehly, including Swiss billionaire Hansjorg Wyss, British businessman Jonathan Goldstein and British journalist Daniel Finkelstein.

Boehly’s consortium beat a last-minute bid from Britain’s richest man, Sir Jim Ratcliffe, and a number of other consortiums which included the high-profile athletes, Lewis Hamilton and Serena Williams.

The new ownership is expected to be approved at the end of the month by the Premier League and the UK government, after assessing all necessary regulations.

In a media release the club stated: “Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100% to charitable causes as confirmed by Roman Abramovich.”

“UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account.

“In addition, the proposed new owners will commit £1.75bn in further investment for the benefit of the Club. 

“This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation,” the statement read.