The U.K. government approved a deal to sell soccer club Chelsea FC for £4.25 billion, around $5.3 billion, to Los Angeles Dodgers part-owner Todd Boehly.
The English Premier League has also approved the sale of Chelsea, which was previously owned by Russian oligarch Roman Abramovich.
The sale will end Abramovich’s almost two-decade tenure at the helm of the London club.
After the Russian invasion of Ukraine in early March, Abramovich put the club up for sale, claiming it was in the club’s best interests.
The UK Culture secretary Nadine Dorries tweeted saying: “Last night the Government issued a licence that permits the sale of Chelsea FC,”
“Given the sanctions we placed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner.
“We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals,” she added.