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How different will Chelsea look next season? (1:59)

James Olley talks about the uncertainty over their ownership. (1:45)

The team announced on Friday that a group led by Los Angeles Dodgers part-owner Todd Boehly and backed by Clearlake Capital has won the bid to acquire the club.

The sale is expected to be completed in late May, subject to regulatory approvals.

The London club was put up for sale in March by Roman Abramovich, the Russian owner who is subject to British sanctions.

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Of the total investment being made, 2.5 billion dollars will be applied to purchase the shares in the Club and the proceeds will be deposited into a frozen UK bank account with the intention to donate 100% to charitable causes as confirmed by Roman Abram.

According to sources, the Boehly-led consortium had moved clear in the race to buy Chelsea after being selected as the preferred bidder despite a last-ditch higher offer from British billionaire Sir Jim Ratcliffe.

The path for the takeover was cleared on Thursday after it was reported that he did not want a loan from the club to be repaid.

The Boehly group, which also includes Swiss billionaire Hansjorg Wyss and British property investor Jonathan Goldstein, were in exclusive negotiations to buy the club after a late bid from British billionaire Jim Ratcliffe was rejected.

The groups led by Boston Celtics co-owner Stephen Pagliuca and former British Airways chairman Martin Broughton were eliminated from the bidding process while a group led by the Chicago Cubs owners pulled out of the running.

The report was contributed to by the news agency.