Chelsea, a West London football team, announced Todd Boehly as the club’s new owner on Saturday morning.

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The Premier League giants announced on their website that arrangements had been completed for the new ownership group led by Todd Boehly to purchase the West London club.

Following the completion of his £3.5 billion deal, Boehly replaced Roman Abramovich as Chelsea’s new owner.

The Raine Group, the US bank in charge of the sale, has identified his consortium as the preferred bidder for Chelsea.

“Chelsea Football Club can confirm that arrangements have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter, and Hansjoerg Wyss, to acquire the Club,” Chelsea said in a statement.

“THE SALE IS EXPECTED TO COMPLETE IN LATE MAY SUBJECT TO ALL NECESSARY REGULATORY APPROVALS. MORE DETAILS WILL BE PROVIDED AT THAT TIME.”

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