Chelsea owner Roman Abramovich has been banned from selling the west London club by the British government amid sanctions on Russian oligarchs.
The billionaire Russian oligarch will have all his assets frozen, banned from coming to Britain and from doing business here.
The Blues will be granted a special licence to continue playing but Abramovich will not profit.
There will be no transfers or new contracts and the club have been blocked from selling TICKETS to matches, as well as merchandise.
The Russian’s assets have been frozen and the club have been given special dispensation to conduct football-related activity only.
It comes as New York Jets owner Woody Johnson and a private Saudi consortium had joined the race to buy the club.
Billionaire Abramovich is said to have had over 300 parties express their interest in buying the Blues he values at £3billion.
And Turkish billionaire Muhsin Bayrak said he was in talks to buy the club, adding: “The Turkish flag will fly over London.”
Swiss billionaire Hansjorg Wyss and American Todd Boehly had also shown interest in purchasing the club.
But Abramovich is said to have rejected a £2.5bn offer for the West Londoners from another group.
Boris Johnson said: “There can be no safe havens for those who have supported Putin’s vicious assault on Ukraine.
“Today’s sanctions are the latest step in the UK’s unwavering support for the Ukrainian people.
“We will be ruthless in pursuing those who enable the killing of civilians, destruction of hospitals and illegal occupation of sovereign allies.”