American billionaire Todd Boehly has reportedly signed the purchase agreement to buy Chelsea.
The US businessman and his consortium are believed to have agreed a deal worth up to £4billion with Roman Abramovich, and they are now seeking approval from the UK government and the Premier League. A deal is expected to be completed before the end of the month.
The Telegraph says the signing of the purchasing agreement is seen as the biggest step of the process to date. It is a commitment that transfers the shares of the seller to the buyer - setting a date of completion.
It's believed Boehly - a co-owner of baseball team LA Dodgers - and his colleagues signed the deal on Friday, a week after they were named as the preferred bidder by the Raine Group - the investment bank who are brokering the deal on Abramovich's behalf.
Boehly's consortium includes fellow businessmen Hansjorg Wyss, Mark Walker and Jonathan Goldstein. They've signed a series of "anti-Glazer" clauses - stopping them from paying dividends or management fees, as well as prohibiting the sale of any shares, until 2032. The deal is also thought to have imposed strict limits on the level of debt they can take on.
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