The deal, worth more than $5 billion, must still receive government approval before the transaction can be finalized.
“The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake Consortium,” the league said in a statement.
“Chelsea FC will now work with the relevant Governments to secure the necessary licences to complete the takeover.”
The club’s current owner is Russian oligarch Roman Abramovich, who is subject to sanctions by the British government and has seen his assets frozen.
Abramovich put the club up for sale in early March following the Russian invasion of Ukraine, saying at the time it was “in the best interest of the Club.”
Boehly owns stakes in the MLB’s Los Angeles Dodgers, the NBA’s Los Angeles Lakers and the WNBA’s Los Angeles Sparks.
The Premier League statement noted Boehly had passed the board’s “Premier League’s Owners’ and Directors’ Test (OADT).”
The club said that of the total investment being made, 2.5 billion pounds ($3.08 billion) will be used to buy the shares in the club and this money would 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 would be required for the proceeds to be transferred from the frozen UK bank account, the club added.
It said the proposed new owners would also “commit 1.75 billion pounds ($2.16 billion) in further investment for the benefit of the club”. This would include investments in the club’s stadium Stamford Bridge, its academy, the women’s team and funding for the Chelsea Foundation charity.
The announcement of the Boehly deal came just over three weeks remaining on the club’s current operating licence, which expires on May 31.