(Reuters) -Roman Abramovich sold Chelsea and its related businesses to Clearlake Capital and Todd Boehly, the Premier League club announced on Monday.

After winning the London bid earlier in the month, the consortium was approved by the Premier League as well as the British government for the sale of the London team. The final agreement was reached Saturday.

Russian owner Abramovich offered the club for sale after Russia invaded Ukraine in March. Moscow called it a “special military operations”. Also, the Russian government had placed sanctions on Abramovich.

“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,” Chelsea said in a statement https://www.chelseafc.com/en/news/2022/05/30/statement-from-board-of-directors-of-chelsea-football-club-limit.

Clearlake and Boehly will share equal management and control of the club, according to a separate statement. Boehly who owns part of Los Angeles Dodgers will chair the holding company.

“We’re honored to take over as the Chelsea Football Club custodians.” Boehly declared that we are all 100% in every match.

Our vision as owners is simple: We want the fans to be proud. Our plan is to not only develop the youth team and acquire the top talent but also to make long-term investments in Chelsea and continue the remarkable success of Chelsea.

“I want to personally thank the ministers and officials of the British government and Premier League for their hard work and dedication in making these things possible.”