Roman Abramovich's 19-year spell as Chelsea owner is over after the club announced on Monday that the takeover led by Todd Boehly had been completed.
A statement published on chelseafc.com began: "Roman Abramovich has completed the sale of Chelsea Football Club and related companies to an investment group led by Todd Boehly and Clearlake Capital.
"This sale process commenced on 2 March, when Mr Abramovich announced his intention to sell the Club after 19 successful years of ownership. In selling the Club, Mr Abramovich stipulated that the new owner must be a good steward of the Club, the net proceeds of the sale must be donated to charity, and that he would not seek the repayment of loans made to affiliates of the Club."
It is understood that Boehly and Co committed £4.25 billion to buy Chelsea - the third most successful club in Premier League history.
The sale price was £2.5bn, while there is an agreement in place for £1.75bn to be invested over 10 years.
Abramovich was sanctioned by the UK government on March 10 for his alleged links to Russian president Vladimir Putin.
Those sanctions prevented Abramovich from receiving any of the proceeds from the sale.
The sanctions had also affected the day-to-day running of Chelsea FC as spending caps were applied and ticket sales restricted.
But the club can now resume normal operations, meaning they will be free to sell and sign players during the summer transfer window.
Chelsea's statement went on to reveal that the club had received over 250 enquiries from interested parties after Abramovich announced his intention to sell.
Twelve "credible bids" were later made, before the Boehly and Clearlake Capital consortium was chosen as the preferred bidder.
Boehly added in a second statement: "We are honored to become the new custodians of Chelsea Football Club.
"We're all in – 100% - every minute of every match. Our vision as owners is clear: we want to make the fans proud.
"Along with our commitment to developing the youth squad and acquiring the best talent, our plan of action is to invest in the Club for the long-term and build on Chelsea's remarkable history of success.
"I personally want to thank ministers and officials in the British government, and the Premier League, for all their work in making this happen."
Abramovich had published a statement two days earlier. In it he sent his best wishes to Boehly.
"It has been nearly three months since I announced my intention to sell Chelsea FC," said Abramovich on Saturday. "During this time, the team have worked hard to find the right custodian for Chelsea FC that would be best positioned to successfully lead the Club into its next chapter.
"The ownership of this Club comes with great responsibility. Since I came to Chelsea nearly twenty years ago, I have witnessed first-hand what this Club can achieve. My goal has been to ensure that the next owner has a mindset that will enable success for the Men's and Women's team, as well as the will and drive to continue developing other key aspects of the Club, such as the Academy and the vital work of Chelsea Foundation.
"I am pleased this search has now come to a successful conclusion. As I hand over Chelsea to its new custodians, I would like to wish them the best of success, both on and off the pitch.
"It has been an honor of a lifetime to be a part of this Club – I would like to thank all the Club’s past and current players, staff, and of course fans for these incredible years.
"I am proud that as a result of our joint successes, millions of people will now benefit from the new charitable foundation which is being established. This is the legacy which we have created together."