Who is Todd Boehly? The 46-year-old American billionaire buying Chelsea from Abramovich

Roman Abramovich's ownership stint at Chelsea has finally come to an end as the club officially announced the new ownership on Saturday. The Blues confirmed that a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss will acquire the Club. Here is a look at who is Todd Boehly, as the 46-year old American billionaire is set to take over the reins.

Who is Todd Boehly?

Todd Boehly is an American billionaire, who owns the Los Angeles Lakers and LA Dodgers. The 46-year-old is believed to have a staggering net worth of around £3.3 billion ($4.4 billion). He is believed to be a popular option amongst Chelsea fans to take ownership of the club because of his interest and experience in handling sports teams.

How is Chelsea expected to run under Todd Boehly?

Roman Abramovich was one of a kind because of his little need to run the club for profit. As a result, he also pumped in over £1.6bn ($2bn) of his personal wealth to the team to ensure that the side was successful for several years. However, with the coming of new owners, the club will likely be more cautious in the transfer market and will look to fund the business via new revenue streams.

It is believed that the Blues now will look to model themselves around clubs like Liverpool, who have successfully managed to compete with the likes of Manchester City by making specific signings that are suited to the manager's philosophy. It is believed that Boehly and the rest of the new owners are concerned by the number of contracts that are set to expire, coupled with the likes of Antonio Rudiger and Andreas Christensen already having told the club that they would be leaving on free transfers this summer.

Chelsea confirm Todd Boehly-led consortium has bought club

Chelsea released a statement on May 7 to confirm that the takeover by the Todd Boehly-led consortium was complete. The complete statement is given below:

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.

Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100% to charitable causes as confirmed by Roman Abramovich. UK Government approval will be required for the proceeds to be transferred from the frozen UK bank account.

In addition, the proposed new owners will commit £1.75bn in further investment for the benefit of the Club. This includes investments in Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation.

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