Chelsea Officially Sold to Todd Boehly-Led Ownership Group

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.