Chelsea have confirmed the agreement to sell the club to the Todd Boehly/Clearlake Capital consortium with the transaction expected to be completed on Monday.

The Premier League and the UK government gave the go ahead for the Boehly group on Tuesday to replace sanctioned Russian billionaire Roman Abramovich.

The new owners will pay £4.25billlion ($5.4b) to takeover the club.

A statement on the Chelsea’s official website reads: “Chelsea Football Club can confirm that a final and definitive agreement was entered into last night to sell the Club to the Todd Boehly/Clearlake Capital consortium. It is expected that the transaction will be completed on Monday. The Club will update further at that time.”

Chelsea were put up for sale by Abramovich on March 2 – a week before he was sanctioned by the UK government for allegedly having ties to Russian president Vladimir Putin.

Due to the nature of the sanctions, Chelsea have been operating under a special license designed to severely limit their revenue streams and stop Abramovich from profiting from his asset.