A group led by Los Angeles Dodgers part-owner Todd Boehly reached a deal to acquire Chelsea Football Club from Russian billionaire Roman Abramovich for more than £4 billion, equivalent to $4.93 billion, according to people familiar with the matter, marking a record sale price for a professional sports team.

The deal still needs approval from the U.K. government. It follows a roughly two-month auction process that attracted a who’s who of American bidders seeking to acquire the marquee sports brand.