The World Champions were left in limbo after the UK government froze multi-billionaire Russian owner Roman Abramovich's assets.

After a series of dramatic events, Chelsea have finally reached an agreement with a consortium led by Todd Boehly and backed by the American investment firm Clearlake which also includes Hansjorg Wyss, a Swiss businessman, and Mark Walter, an American financier who serves as a co-owner and the chairman of the Dodgers.

The Stamford Bridge-based outfit announced the 4.25 billion pound ($5.2 billion) deal for the two-time Champions League winners in a statement issued in the early hours of Saturday, subject to receiving the required approvals.

“Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the club,” read the club’s official website.

“The sale is expected to complete in late May subject to all necessary regulatory approvals. More details will be provided at that time.”

The deal would mean that the reigning European champions’ future is no longer in jeopardy as the glorious era under owner Roman Abramovich came to an abrupt end.

Under the Russian, Chelsea have won a total of 21 trophies, completing the full set under him, which includes 5x Premier League, 5x FA Cup, 3x EFL Cup, 2x Community Shield, 2x Champions League, 2x Europa League, 1x UEFA Super Cup, 1x Club World Cup.

The deal would mean that the cloud of uncertainty looming over the reigning European champions about the next owner has finally been lifted and the glorious era under owner Roman Abramovich has come to an end.

Under the Russian, Chelsea have won a total of 21 trophies, completing the full set under him, which includes 5x Premier League, 5x FA Cup, 3x EFL Cup, 2x Community Shield, 2x Champions League, 2x Europa League, 1x UEFA Super Cup, 1x Club World Cup.