Lewis Hamilton and Serena Williams have failed in a bid to purchase Chelsea after the football club agreed terms on a £4.25billion deal with a consortium led by LA Dodgers baseball team co-owner Todd Boehly.
Hamilton and tennis superstar Williams were each believed to have pledged £10million towards the purchase of Chelsea in a bid that was led by former British Airways chairman Sir Martin Broughton.
Former Olympian Sebastian Coe was also involved in the consortium of backers, making the bid the highest-profile out of the potential suitors.
The club had been put up for sale after owner Roman Abramovich was sanctioned for his alleged links to Russian president Vladimir Putin following the invasion of Ukraine.
Proceedings appeared to stall earlier this week after it was reported Abramovich was no longer willing to write off the £1.6bn of debt that is owed to him by the club, although the Russian has since denied these reports.
In a statement on Saturday, Chelsea confirmed: "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."
Hamilton Mercedes competition
A last-minute bid for Chelsea had also been submitted by Mercedes F1 co-owner Sir Jim Ratcliffe, the majority shareholder in chemical group INEOS.
Although this bid was quickly dismissed, Ratcliffe maintained at the time that he had 'not given up' on acquiring the club.