The United Kingdom government on Wednesday approved the £4.25bn takeover of Premier League club Chelsea by a consortium led by LA Dodgers co-owner Todd Boehly.
Chelsea was put up for sale in March in the aftermath of Russia invasion of Ukraine.
Russian businessman Roman Abramovich put up the club for sale before he was sanctioned by the government over his claimed links to Russian president Vladimir Putin.
On Tuesday, the Premier League said the consortium had passed its owners’ and directors’ test.
Chelsea have been operating under a special government licence which expires on 31 May.
“Late last night the UK government reached a position where we could issue a licence that permits the sale of Chelsea,” a government spokesperson said in a statement on Wednesday.
“The government does not want Abramovich to receive any of the proceeds from the sale, which will instead go into a frozen bank account to be donated to charity.
The statement added: “Following the sanctioning of Roman Abramovich, the government has worked hard to ensure Chelsea has been able to continue to play football. But we have always been clear that the long-term future of the club could only be secured under a new owner.
Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual. We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war.
“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.”