Chelsea Football Club playing in the English Premier League on Saturday announced that terms have been agreed for a takeover by a group led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss.

The group is headed by Todd Boehly, part owner of basketball team Los Angeles Dodgers. It also includes US investment firm Clearlake Capital providing the financial backing.

Out of the total investment, 2.5 billion pounds will be applied for the purchase of the club’s shares and the proceeds will be deposited into a frozen bank account in the United Kingdom.

The fund will be entirely donated to charitable causes as confirmed earlier by previous owner and oligarch Roman Abramovich.

The transaction will require the approval of the UK government for the proceeds to be transferred from the frozen bank account.

Moreover, the new owners will commit 1.75 billion pounds in further investment for the benefit of the club. It includes investments in Stamford Bridge, the academy, the women’s team and Kingsmeadow and funding for the Chelsea Foundation.

Subject to all necessary regulatory approvals, the sale will likely be completed in late May. The club statement said that further details will be provided at that time.