Chelsea have now been given approval for the sale of the club, ahead of the official opening of the transfer market on 10 June.
Both the UK government and the Premier League has formally approved the Todd Boehly-led takeover of Chelsea, said to be worth £4.25 billion (R83 billion).
This decision will allow the Blues to become active in the transfer market, while they will also be able to start negotiating contract renewals in the near future.
According to The Telegraph, Chelsea will now look to spend as much as £200 million (R3.9 billion) in the transfer window, with some of that budget coming from player sales.
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On Tuesday evening, the EPL's decision-makers released a statement confirming their approval of the club's sale.
"The Premier League Board has today approved the proposed takeover of Chelsea Football Club by the Todd Boehly / Clearlake Consortium," the statement read, per ESPN.
"The purchase remains subject to the Government issuing the required sale licence and the satisfactory completion of the final stages of the transaction.
"The Board has applied the Premier League's Owners' and Directors' Test (OADT) to all prospective Directors, and undertaken the necessary due diligence.
"The members of the Consortium purchasing the club are affiliates of the Clearlake Capital Group, L.P., Todd Boehly, Hansjorg Wyss and Mark Walter.
"Chelsea FC will now work with the relevant Governments to secure the necessary licences to complete the takeover."
The UK government then released a statement of its own late on Tuesday night.
"Late last night the UK Government reached a position where we could issue a licence that permits the sale of Chelsea Football Club. Following the sanctioning of Roman Abramovich, the Government has worked hard to ensure Chelsea Football Club has been able to continue to play football," a spokesperson said.
"But we have always been clear that the long-term future of the club could only be secured under a new owner. Following extensive work, we are now satisfied that the full proceeds of the sale will not benefit Roman Abramovich or any other sanctioned individual.
"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 steps today will secure the future of this important cultural asset and protect fans and the wider football community. We have been in discussions with relevant international partners for necessary licences required and we thank them for all their cooperation."
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