Chelsea's new owner Todd Boehly promised to build on the team's "remarkable history of success" after the American completed his takeover of the Premier League club.
Boehly's consortium agreed a deal to buy Chelsea from Roman Abramovich for 4.25 billion (HK$42 billion) on May 7 and the sale has now been rubber-stamped, ending Abramovich's 19-year reign at Stamford Bridge.
Abramovich was sanctioned by the British government for his alleged links to Russian President Vladimir Putin following the invasion of Ukraine.
Los Angeles Dodgers co-owner Boehly has set his sights on emulating Chelsea's success during the Abramovich era, which included five Premier League titles and two Champions League crowns.
"Our vision as owners is clear: we want to make the fans proud," Boehly said. "Along with 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."
Chelsea had been operating under a special government license which would have expired yesterday if Boehly had been unable to seal the purchase.
Boehly will work closely with Clearlake Capital co-founders Behdad Eghbali and Jose Feliciano. Swiss billionaire Hansjorg Wyss and US tycoon Mark Walter are the other main members of the consortium.
Todd Boehly
