Todd Boehly has been named as Chelsea’s new owner, putting an end to Roman Abramovich’s 19-year reign as the club’s owner.
After being named the club’s preferred bidder at the end of the original set of offers, Boehly’s £4.25 billion proposal for the club was accepted earlier this month.
Because of the problems surrounding Abramovich’s assets being frozen by the UK government, it has taken many weeks for things to go forward for the Premier League club.
There were concerns that the sale of the club might enrich a Russian tycoon, but the government accepted the consortium’s bid once it was confirmed that this would not be the case.
Following Russia’s invasion of Ukraine, the funds will be locked in a UK account before being released to benefit humanitarian initiatives.
Before his assets were seized, Abramovich put the club up for sale in early March, just a week after the invasion.
The 55-year-old transformed the Blues from a team trying to get into the league’s top four into one of Europe’s best teams during his nearly two-decade tenure at the club.
Before the state-owned clubs increased the ante once more, Abramovich spent billions on players and transformed the landscape of football transactions.