The Premier League and the UK Government have approved the sale of Chelsea Football Club to a consortium led by American businessman Todd Boehly.
Boehly, 48, is leading the group in the record-breaking purchase of the third-best team in England after 19 years of ownership from ousted oligarch Roman Abramovich.
Times have been good for the Blues, with 21 trophies including five Premier Leagues and two Champions Leagues.
The takeover, worth £4.25billion, comes at the end of lengthy negotiations and will leave Abramovich without a penny from the sale, as his assets are still frozen after he was sanctioned following Russia ’s invasion of Ukraine.
A government statement read: "Late last night the UK Government reached a position where we could issue a licence that permits the sale of Chelsea Football Club.
"Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual," it added, promising that the proceeds will go towards helping the victims of the Ukraine war.
Todd Boehly's net worth
According to Forbes , Todd Boehly has a net worth in the region of £3.6billion ($4.5bn) and is thought to be the 637th richest person in the world.
The father of three lives in Connecticut, having studied Business Administration at the College of William & Mary and the London School of Economics.
According to Forbes, Boehly met his wife Katie while they were studying at William and Mary, and the couple have since given an undisclosed stack of cash to their old uni to build the Boehly Center for Excellence in Finance.
How did Todd Boehly make his money?
In 2015 Todd Boehly co-founded investment company Eldridge Industries after he finished working as the president of Guggenheim Partners' credit business.
While working for Guggenheim, Boehly went to scout out a firm called Security Benefit, which his employers eventually bought.
He later secured assets from Guggenheim that were crucial for setting up his own company, Eldridge, which now owns a varied array of assets - including some of the rights to Bruce Springsteen's songs, Hollywood Reporter and sports betting outfit DraftKings.
Boehly also holds a minority stake in the US-based NBA team the Los Angeles Lakers and MLB outfit the Los Angeles Dodgers.
His time working with LA Dodgers may have given some indication about what Chelsea fans can expect from their club’s new owner.
In the first four years under Guggenheim ownership, the Dodgers spent $1billion on new players and ultimately went on to win the world series for the first time in 32 years.
