Chelsea Football Club can confirm that terms have been agreed upon for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter, and Hansjoerg Wyss, to acquire the Club.

Chelsea says the sale to a consortium led by Boehly and backed by Clearlake Capital is expected to complete later this month, “subject to all necessary regulatory approvals.”

The club’s current owner is Russian oligarch Roman Abramovich, who is subject to sanctions by the British government and has seen his assets frozen.

Abramovich put the club up for sale in early March following the Russian invasion of Ukraine, saying at the time it was “in the best interest of the Club.”On Friday, the club said that of the total investment being made, 2.5 billion pounds ($3.08 billion) will be used to buy the shares in the club and this money would 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 would be required for the proceeds to be transferred from the frozen UK bank account, the club added.

It said the proposed new owners would also “commit 1.75 billion pounds ($2.16 billion) in further investment for the benefit of the club”. This would include investments in the club’s stadium Stamford Bridge, its academy, the women’s team and funding for the Chelsea Foundation charity.