Roman Abramovich has completed the sale of Chelsea Football Club to a group led by American businessman Todd Boehly and investment firm Clearlake Capital.
In a statement, the club said the sanctions imposed on Mr Abramovich following Russia’s invasion of Ukraine had presented “unique and unforeseen challenges to the sale process”.
Nevertheless, it was completed “at an expedited time”, the south-west London club added.
“A transaction like this would normally take between nine months and a year to complete; we did it in less than three months.”
Culture Secretary Nadine Dorries said sanctioning Mr Abramovich “for his ties to Putin was right and necessary”.
It has, however, “created deep uncertainty for the club”, she added.
The minister tweeted: “A sale was the only way for the club to continue after this season. Proceeds from the sale will be frozen and can only be used with government approval.
“We will engage closely with the creation of a foundation (with the right assurances) to support humanitarian goals in Ukraine.”
Mr Boehly said he and his partners were “honoured to become Chelsea Football Club’s new goalkeepers”.
He added: “We’re all – 100 per cent – every minute of every game.
“Our vision as owners is clear: we want to make the fans proud.”
Mr Boehly continued: “Alongside our commitment to developing the youth team and acquiring the best talent, our action plan is to invest in the club for the long term and build on the remarkable history of success of Chelsea.
“I personally want to thank ministers and officials across the UK government and the Premier League for all their work to make this happen.”