A consortium led by LA Dodgers part-owner Todd Boehly and backed by Clearlake Capital has signed a purchase agreement to buy Chelsea Football Club.

The EPL club confirmed that terms had been agreed for the new ownership group led by Mr Boehly, Clearlake Capital, Mark Walter and Swiss billionaire Hansjorg Wyss to acquire the club in a deal reportedly worth around £4.25bn.

The consortium will spend £2.5 billion to take over the shares of previous owner, Russian billionaire Roman Abramovich and an additional £1.75bn for investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation.

The deal is expected to complete in late May subject to all necessary regulatory approvals from the UK government and the Premier League.

This would mark the end of Abramovich era that began in 2003 and saw the club winning 19 major trophies during this period.