The government has approved the £4.25bn Todd Boehly-led consortium takeover of Chelsea.
After months of negotiations, the deal has finally been approved after the government received legal guarantees that Roman Abramovich - who has had his UK assets frozen - will not benefit from the sale.
The proceeds from the sale will be frozen in a UK bank account until the government has received further assurances that the money will solely go to support humanitarian causes in Ukraine.
Russian-Israeli billionaire Abramovich put Chelsea, which he purchased in 2003, up for sale on March 2, a week after Vladimir Putin's invasion of Ukraine on February 24.
The takeover ends his 19-year ownership of the club and will see Los Angeles Dodgers co-owner Boehly become Chelsea's controlling owner, even though California investment firm Clearlake Capital will assume the majority shareholding. It is reported the new owners plan to invest £1.75bn into the club, placing the overall takeover value at £4.25bn.
Since Abramovich was sanctioned, Chelsea have been unable to sell or sign players or offer new contracts but once the takeover is complete those restrictions will be lifted.
A government statement said: "The steps today will secure the future of this important cultural asset and protect fans and the wider football community. We have been in discussions with relevant international partners for necessary licences required and we thank them for all their cooperation."
