Los Angeles Dodgers part-owner Todd Boehly said he is "honoured" after his consortium officially completed a takeover of Premier League club Chelsea in a deal worth up to £4.25 billion.
The consortium, led by Boehly and Clearlake Capital, received approval from the Premier League and the British government last week for the sale to go ahead. A final agreement was reached on Saturday.
The club was put up for sale after former owner Roman Abramovich was sanctioned by the UK government for his alleged links to Vladimir Putin following Russia's invasion of Ukraine. Sanctions on the Russian had also complicated the sale process.
"We are honoured to become the new custodians of Chelsea Football Club," Boehly told the official club website on Monday. "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."
The club said Boehly and Clearlake would share joint control and equal governance of the club. Boehly will serve as chairman of the holding company.
The sale also needed the green light from the Portugal government after Abramovich became a citizen of the country last year and is also under European Union sanctions.
Chelsea had been operating under a special license issued by the British government since Abramovich's assets were frozen in March and it was set to expire on May 31.
Chelsea said they had received more than 250 enquiries from proposed bidders, adding that 32 confidentiality agreements had been reached with interested parties.
The club eventually received 12 credible offers which were narrowed down to four before the Boehly-led consortium was chosen as the preferred bidder.
The men's team won 21 trophies in 19 years under Abramovich's ownership -- no English club won more silverware in that time, and February's Club World Cup win in Abu Dhabi meant Abramovich completed the set of winning every possible trophy at least once.
Chelsea had been unable to acquire or offload players or renegotiate contracts with existing squad members while operating under a special licence, contributing to the impending departures of Antonio Rudiger to Real Madrid and Andreas Christensen to Barcelona.
The completion of the sale now allows Chelsea to renew transfer activity as well as permit players to sign new contracts, which was prohibited as part of the sanctions imposed.
Chelsea finished third in the recently concluded Premier League season. They lost to Liverpool in the FA Cup and League Cup finals while they were knocked out of the Champions League in the quarterfinals by eventual champions Real Madrid.