Roman Abramovich’s 19-year ownership of Chelsea is ending after the British government approved the sale of the Premier League club by the sanctioned Russian oligarch.
Los Angeles Dodgers part-owner Todd Boehly will now take over the team.
The government had to be sure that Abramovich, who was sanctioned over his links to Russian President Vladimir Putin, did not profit from the enforced sale of the club.
The reigning FIFA Club World Cup winners and 2021 European champions will be sold for 2.5 billion pounds ($3.1 billion) — the highest price ever for a sports team — once Premier League approval is granted.
Proceeds from the sale will go into a frozen bank account controlled by the government, according to Sky Sports News.
California-based Clearlake Capital will assume the majority shareholding.
The team has been operating under a government license since March, when Abramovich’s assets were frozen.
The license will expire on May 31.