Football: Russian oligarch Roman Abramovich sells Chelsea FC for massive amount

Chelsea's Russian owner Roman Abramovich is out. Photo / Getty Images

Chelsea has announced that American billionaire Todd Boehly and his consortium have agreed to terms to buy the football club from Russian oligarch Roman Abramovich.

When Abramovich announced his plan to sell the club in March as a result of sanctions imposed because of his links to Vladimir Putin, the Russian insisted he was not looking to benefit.

Now it seems his comments may actually have been true.

Chelsea earlier this week informed the UK Government Abramovich wanted the $2.8 billion he had loaned to the club through an investment vehicle to be repaid in full as part of the sale process.

As reported by The Sun, Abramovich now intends to donate that fortune to charity for "all the victims of the war in Ukraine".

The total deal with Boehly, who part-owns the LA Dodgers baseball team, is reported to be worth a staggering £4.25b ($8.1b), including the loaned money being returned to Abramovich.

Roman Abramovich, former owner of Chelsea, smiles after the side's victory over Manchester City in the 2021 UEFA Champions League final. Photo / Getty Images

Chelsea confirmed an agreement has been reached with Boehly's consortium when releasing a statement on Saturday morning.

Chelsea said the deal is "expected to complete in late May subject to all necessary regulatory approvals".

The Blues confirmed the consortium's sum of £2.5b will be deposited into a frozen UK bank account with the intention to donate it to charitable causes as confirmed by Abramovich.

Government approval will be required for the proceeds to be transferred from the account.

Meanwhile, it emerged that Britain's richest man Sir Jim Ratcliffe and his chemicals company Ineos are frustrated at being shut out of the Chelsea sale by Abramovich's chosen brokers, the US investment group Raine.

Ratcliffe expected the New York-based company to engage with him after he launched a late, big-money bid on Friday.