A consortium led by LA Dodgers baseball team part-owner Todd Boehly and backed by Clearlake Capital has won the bid to acquire English Premier League football club Chelsea in a deal worth 4.25 billion pounds ($7.41 billion).
The proposal has now been sent to the UK government and Premier League for approval.
The Stamford Bridge-based outfit announced the deal for the reigning European champions in a statement issued in the early hours of Saturday.
Earlier reports suggested the winning bid was worth up to 4 billion pounds.
"Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the club," the statement said.
"The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time."
Chelsea said the new owners would pay 2.5 billion pounds to purchase shares while committing a further 1.75 billion pounds to invest in the stadium, women's team, the academy and the Chelsea Foundation.
The statement confirmed all proceeds would be placed in a frozen UK bank account and Russian owner Roman Abramovich, who is currently subject to sanctions by the British government, would donate all of the proceeds to charitable causes.
The announcement came with just over three weeks remaining on the club's current operating licence. It expires on May 31.
Russian owner Roman Abramovich, now subject to sanctions by the British government, put the London club up for sale in early March following his country's invasion of Ukraine.
Mr Abramovich cleared the path for the takeover on Thursday after he dismissed reports that he wanted a loan given to the club, reportedly worth 1.5 billion pounds ($2.61 billion), to be repaid.
The Boehly group, which along with Swiss billionaire Mr Wyss includes British property investor Jonathan Goldstein, were in exclusive negotiations to buy the club after a late bid from British billionaire Jim Ratcliffe was rejected.
Groups led by Boston Celtics co-owner Stephen Pagliuca and former British Airways chairman Martin Broughton were earlier eliminated from the bidding process while a consortium led by Chicago Cubs owners the Ricketts family pulled out of the running.
Time line of Chelsea sale
February 24: Chelsea owner Roman Abramovich is named in UK parliament as Prime Minister Boris Johnson unveils Britain's largest-ever package of sanctions against Russia in the wake of the country invading Ukraine.
February 26: Mr Abramovich gives trustees of Chelsea's foundation stewardship of the club amid calls in Britain for him to be sanctioned over Moscow's invasion of Ukraine.
March 2: Mr Abramovich says he has decided to sell Chelsea and promises to donate the proceeds to help victims of the war in Ukraine, but adds the sale will not be fast-tracked.
March 4: A consortium led by American Todd Boehly and Swiss business tycoon Hansjörg Wyss enters the fray to make a bid for Chelsea.
March 10: Britain halts the planned sale of Chelsea and imposes sanctions on Mr Abramovich, effectively placing the club under government control. The team is allowed to carry on playing but the UK government says it is open to selling the club as long as Mr Abramovich himself does not benefit.
March 11: Potential buyers for Chelsea are told to approach the government. The club is permitted to operate under strict conditions which prevent transfer deals and new ticket sales, while the club merchandise store is closed.
March 12: The Premier League board disqualifies Mr Abramovich as a director at the club after he is sanctioned by the government.
March 16: The owners of US baseball team the Chicago Cubs team up with Citadel founder Ken Griffin to work on a bid to buy Chelsea.
March 19: Former British Airways chairman Martin Broughton says his consortium bidding for Chelsea comprises of wealthy investors from around the world.
March 25: US Bank Raine Group, overseeing the club's sale, adds Mr Boehly's group, the Ricketts family and Mr Broughton's group to the shortlist of bidders.
April 15: The Ricketts family pulls out of the running to buy Chelsea citing "unusual dynamics around the sales process".
April 21: Former tennis world number one Serena Williams and seven-time Formula 1 world champion Lewis Hamilton join Mr Broughton's bid.
April 29: The consortium led by Mr Boehly is in exclusive negotiations to buy Chelsea.
May 5: Mr Abramovich denies media reports that he has asked for his loan to Chelsea to be repaid.
May 6: A consortium led by Mr Boehly and backed by Clearlake Capital wins the bid. The proposal is sent to the government and Premier League for approval.
