The Chelsea sale is expected to be completed on Monday after a “final and definitive agreement” was reached with the consortium led by Todd Boehly.
The Premier League and UK government have approved the £4.25bn takeover.
Chelsea were put up for sale in March before owner Roman Abramovich was sanctioned over his links to Russian president Vladimir Putin.
The club have been operating under a special government licence which expires on 31 May.
“Chelsea Football Club can confirm that a final and definitive agreement was entered into last night to sell the club to the Todd Boehly/Clearlake Capital consortium,” Chelsea said in a statement on Saturday.
Abramovich, who bought Chelsea in 2003, said he was “pleased this search has now come to a successful conclusion”.
He added: “As I hand over Chelsea to its new custodians, I would like to wish them the best of success, both on and off the pitch.
“It has been an honour of a lifetime to be a part of this club – I would like to thank all the club’s past and current players, staff, and of course fans for these incredible years.”
End of an era
Abramovich bought Chelsea for £140m 19 years ago.
Under his ownership, the club have won every major trophy – two Champions League titles, five Premier Leagues, five FA Cups, two Europa League titles and three EFL Cups.
In August 2021 they won the Uefa Super Cup and in February their first Club World Cup.
Abramovich has appointed 13 managers and the club have spent more than £2bn in the transfer market under his ownership.
Chelsea’s women’s team, who became affiliated to Chelsea FC in 2004, have won five Women’s Super League titles and four FA Cups under Abramovich.
“The ownership of this club comes with great responsibility,” said Abramovich.
“Since I came to Chelsea nearly 20 years ago, I have witnessed first hand what this club can achieve.
“My goal has been to ensure that the next owner has a mindset that will enable success for the men’s and women’s team, as well as the will and drive to continue developing other key aspects of the club, such as the academy and the vital work of Chelsea Foundation.”