Chelsea FC agrees to terms for sale

• The proposed new owners will pay £2.5 billion pounds to buy the club's shares and will also invest £1.75 billion pounds in the "further investment for the benefit of the Club."

Between the lines: Abramovich, who announced in March that he would sell the team, was one of seven Russian oligarchs to have their assets frozen by the United Kingdom's government.

• He said that net proceeds from the sale would be used to set up a charitable foundation "for the benefit of all victims of the war in Ukraine."
• The proceeds will be deposited into a frozen U.K. bank account and the government will need to approve any transfers from the account, per the statement.

Details: The new ownership group is led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, according to the statement.

• The sale is expected to be completed in late May.