Breaking: Todd Boehly consortium reaches definitive agreement on Chelsea takeover

Chelsea Football Club will be under new ownership from Monday after the consortium led by the U.S. billionaire Todd Boehly reached a definitive agreement to complete its £4.25billion takeover from Roman Abramovich.

A statement released by the club reads: "Chelsea Football Club can confirm that a final and definitive agreement was entered into last night to sell the Club to the Todd Boehly/Clearlake Capital consortium. It is expected that the transaction will be completed on Monday. The Club will update further at that time."

It was at the start of March, and just a week after Russia's invasion of Ukraine, that Abramovich made the shock decision to put Chelsea up for sale after 19 years as owner. Eight days later, he was sanctioned by the UK government, which issued Chelsea a special licence to continue operating day-to-day.

: When Chelsea will return for pre-season as Thomas Tuchel sets out big transfer demand

That was due to expire on May 31 – and so began a race against time for the takeover of Chelsea to be completed. The sale of the club was handled by the U.S. merchant bank The Raine Group, which whittled down a number of potential bidders to a four-consortium strong shortlist.

The Boehly bid, which was supported by investment firm Clearlake Capital, Swiss billionaire Hansjorg Wyss and Mark Walter, was always viewed as a strong contender by those involved in the process. That they were willing to accept the varied demands set out by Abramovich to protect the club's immediate future was also hugely important.

Approval was required from the Premier League and the UK Government, however. And the latter was intent on ensuring that Abramovich would not benefit from the sale of the club, which has won 19 trophies in the