The Premier League board has approved the proposed takeover of Chelsea FC by the Todd Boehly/Clearlake Consortium, the league has announced.
Los Angeles Dodgers co-owner Boehly had already agreed a £4.25bn purchase of the Blues, with Roman Abramovich’s ownership tenure poised to end after 19 years.
Former owner Roman Abramovich announced he would sell the club back in March after being sanctioned by the UK part of its response to Russia's invasion of Ukraine.
A statement from the Premier League on Tuesday evening read: “The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly/Clearlake Consortium.
"The purchase remains subject to the Government issuing the required sale licence and the satisfactory completion of the final stages of the transaction.”
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Who is Todd Boehly and how did he make his fortune?
The 46-year-old LA Dodgers co-owner boasts a personal net worth of $4.6billion USD (£3.7bn), according to Forbes.
Mr Boehly is the co-founder and chief executive of Eldridge Industries, a private investment firm he set up in 2015, having flourished at Guggenheim Partners since 2001.
Mr Boehly first made a bid to buy Chelsea in 2019, carrying out significant due diligence on the Stamford Bridge club.
That groundwork handed Boehly an edge this time around, with just eight weeks to race through a takeover that could take nine or more months under no pressure.
Mr Boehly has three children with wife, Katie Boehly.