English Premier league club Chelsea officially has a new owner after finally being sold on Friday evening.

In an official statement by club it stated: “Chelsea Football Club can confirm that terms have been agreed for ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Club”.

The statement revealed that final sale amounts to £2.5billion with the all the proceeds to designated Charitable initiatives.

“Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100% to charitable causes as confirmed by Roman Abramovich. UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account” the club said.

Also, as part of the stipulated agreement, significant investment to the club’s development has been clearly outlined to the new management.

“In addition, the proposed new owners will commit £1.75bn in further investment for the benefit of the Club. This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation” the club continues.

“The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time” the statement concluded.