UK government says Roman Abramovich won't benefit from $5.3 billion sale of Chelsea FC to LA Dodgers co-owner Todd Boehly

• Roman Abramovich won't benefit from the sale of Chelsea Football Club, the UK government said.
• The UK approved the sale of the club to LA Dodgers co-owner and American billionaire Todd Boehly.

Russian billionaire Roman Abramovich won't benefit from the $5.3 billion sale of Chelsea Football Club, the UK government said on Wednesday.

The UK issued a licence on Tuesday to allow for the sale of the Premier League soccer team to LA Dodgers co-owner and American billionaire Todd Boehly, a government spokesperson told Insider in a statement.

The sale was valued at £4.25 billion ($5.3 billion), the team previously reported.

"We are now satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals," the government spokesperson said.

UK Secretary of State Nadine Dorries tweeted that the future of Chelsea FC could only be guaranteed with a new owner.

"We will now begin the process of ensuring the proceeds of the sale are used for humanitarian causes in Ukraine, supporting victims of the war," the government spokesperson said.

Sky Sports News reported that the proceeds will go into a government-controlled frozen bank account.

The Premier League Board announced in a statement on Tuesday that it approved the proposed takeover of Chelsea FC by Boehly, but it was now down to the government to issue a licence so the purchase could go through.

Chelsea FC didn't immediately respond to Insider's request for comment about the approval of the sale.

Abramovich put Chelsea FC up for sale in early March as the West levied sanctions against Russian oligarchs after the outbreak of the Ukraine war. The UK was the first to sanction the oligarch, followed by the European Union, which said he had "long and close ties" and "privileged access" to Putin, according to an EU report.

Abramovich, who has a net worth of $12.6 billion, according to Bloomberg's Billionaire Index, bought Chelsea in 2003 for $233 million.

Chelsea FC said in a statement in May that a new ownership group, led by Boehly, were expected to buy the club. The 46-year-old businessman owns stakes in the Los Angeles Dodgers, the Los Angeles Lakers, and the Los Angeles Sparks, Insider previously reported.