By Beyza Binnur Donmez
ANKARA (AA) – Todd Boehly's group has reached an agreement to purchase English football giant Chelsea in a record £4.25 billion ($5.24 billion) deal, the club said Saturday.
While £2.5 billion ($3.08 billion) will be applied to purchase the shares in the team, an additional £1.75 billion ($2.15 billion) will be committed by the owner to further investment for the benefit of the club, Chelsea said in a statement.
"This includes investments in Stamford Bridge, the Academy, the Women's Team, and Kingsmeadow, and continued funding for the Chelsea Foundation," it added.
The sale is expected to be completed in late May, "subject to all necessary regulatory approvals," according to the club.
Boehly owns stakes in the Major League Basketball's Los Angeles Dodgers, the NBA's Los Angeles Lakers, and the WNBA's Los Angeles Sparks.