Chelsea football club Owner, Todd Boehly sealed a deal to take control of French Ligue 1 outfit Strasbourg, the consortium announced on Thursday.
“This agreement marks a new chapter in the history of Strasbourg as the consortium is committed to accelerating sustainable investments in the growth of the club,” the BlueCo consortium said in a statement.
“(This includes) the first team and in the academy, in the continuity of the project implemented by Marc Keller, who will remain chairman of the club, supported by his current management team.”
The consortium was led by American businessman Todd Boehly and US-based Clearlake Capital endured a torrid first year in charge of Chelsea.
They sacked managers Thomas Tuchel and Graham Potter before a miserable end to the campaign under interim boss Frank Lampard.
Chelsea’s 12th-place finish was their worst since 1994 despite a spend of more than £500 million ($624 million) on new players in the new owners’ first two transfer windows.
They have since hired Mauricio Pochettino as their new coach.
Boehly is also the co-owner of the Los Angeles Dodgers baseball team.
Strasbourg endured their own struggles last season, finishing just two places and five points above the relegation zone.
A source told AFP that the US consortium has bought almost all of the Strasbourg club shares.
However, he was unable to reveal the full value of the deal.
Strasbourg are the fifth Ligue 1 club to pass into American ownership after Marseille, Lyon, Toulouse and Le Havre.