Chelsea have agreed to terms for the sale of the club to an ownership group led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss for £4.25billion.

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

The takeover, which promises investment of £1.75billion into the club, is expected to be completed later this month.

In a statement released in the early hours of Saturday morning local time, Chelsea said: "Of the total investment being made, £2.5billion 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 per cent 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.

"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 sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time."

Boehly is a part-owner of the Los Angeles Dodgers, the biggest spenders in Major League Baseball.