Todd Boehly finalizes deal to buy Chelsea at most expensive price in sports history

A group led by Los Angeles Dodgers part-owner Todd Boehly has finalized a deal to purchase Chelsea for a record-breaking £4.25 billion, according to ESPN.

Chelsea announced Saturday morning that a "final and definitive agreement" was reached, although the club didn't announce specifics. According to ESPN, the deal -- which translates to more than $5.3 billion -- includes a commitment not to sell a controlling stake in Chelsea for at least 10 years.

Boehly is one part of the Guggenheim Baseball Management consortium that owns the Dodgers and he also owns partial stakes in the Los Angeles Lakers and Los Angeles Sparks. In 2019, Boehly reportedly made a massive bid to purchase Chelsea but was turned away by owner Roman Abramovich.

This time, Abramovich didn't have much of a choice with sanctions to prevent him from profiting from the sale. According to ESPN, "the sale money will be paid into a holding account with the proceeds to be distributed among victims of the war in Ukraine."

"As I hand over Chelsea to its new custodians, I would like to wish them the best of success, both on and off the pitch," Abramovich said in a statement Saturday. "It has been an honour of a lifetime to be a part of the Club -- I would like to thank all the Club's past and current players, staff, and of course fans for these incredible years."

Chelsea's special license to operate was set to expire after May 31, forcing a sense of urgency for the deal to be reached. The club will now be granted a new license to compete in the 2022-23 season.