Roman Abramovich has completed the sale of Chelsea and related companies to an investment group led by Todd Boehly and Clearlake Capital, the Premier League club said on Monday, ending a three-month process to sell the club.

The consortium, which won the bid to acquire the London side earlier this month, received approval from the Premier League and the British government last week for the sale to go ahead. A final agreement was reached on Saturday.

"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.

Chelsea had been operating under a special licence issued by the British government since Abramovich's assets were frozen in March and it was set to expire on May 31.

Among more than 250 enquiries from proposed purchasers, the club received 12 credible bids which were narrowed down to four before the Boehly-Clearlake consortium was chosen as the preferred bidder. The consortium also includes Swiss business tycoon Hansjoerg Wyss and Mark Walter.

Abramovich bought the club in 2003 for a reported 140 million pounds ($177.21 million), with his investment resulting in the most successful era in their history as they won five Premier League titles, five FA Cups and the Champions League twice.