Chelsea announced Saturday a “final
and definitive agreement” was reached on the sale of the Premier
League club to a group led by American businessman Todd Boehly, who’s
also a stakeholder in the NBA’s Los Angeles Lakers and MLB’s Los
Angeles Dodgers.

ESPN’s James Olley reported the deal is
worth up to £4.25 billion ($4.56 million) and brings an end to the
Blues’ Roman Abramovich era after the Russian oligarch faced pressure
to sell following his home country’s military invasion of Ukraine.

The sale will ensure Chelsea is granted
a license to remain in active competition for the 2022-23 season, per
Olley. The club dealt with restrictions for the latter stages of the
2021-22 campaign.

Abramovich, who previously pledged to
donate proceeds from the sale to Ukraine war victims, released a
statement about the transfer of ownership:

“I am pleased this search has now come
to a successful conclusion. As I hand over Chelsea to its new
custodians, I would like to wish them the best of success, both on
and off the pitch. It has been an honor of a lifetime to
be a part of this club—I would like to thank all the club’s past
and current players, staff and of course fans for these incredible
years.

“I am proud that as a result of our
joint successes, millions of people will now benefit from the new
charitable foundation which is being established. This is the legacy
which we have created together.”

The Boehly-led group was among more
than 200 parties who expressed interest in Chelsea and there were 20 “credible bids” during the final process, per Olley.

The $4.56 million purchase price
becomes the highest amount ever paid for a sports franchise.

The new ownership group inherits a team
that captured 21 titles during the 19 years of Abramovich’s tenure,
including the FIFA Club World Cup and UEFA Super Cup in the 2021-22 season.

Chelsea also finished third in the
Premier League, which clinched a berth in next season’s Champions
League, and reached the final of both the FA Cup and Carabao Cup, losing
to Liverpool on both occasions.

Now the new ownership group is tasked
with keeping that consistent pursuit of trophies alive after
completing the lucrative sale.