Chelsea have confirmed an agreement for the sale of the club to Todd Boehly and expect it to be completed on Monday.
Todd Boehly's takeover signals the end of Roman Abramovich's reign.
US magnate Boehly, part of a Clearlake Capital consortium, will take control from Roman Abramovich in what will be a sports franchise record deal of £4.25billion.
A statement on Chelsea’s website said: “Chelsea confirm the agreement to sell the club to the Todd Boehly/Clearlake Capital consortium with the transaction expected to be completed on Monday.”
The news was welcomed by Chelsea Supporters’ Trust.
The fans group said in a statement: “The Chelsea Supporters’ Trust would like to congratulate the consortium led by Todd Boehly on the takeover of Chelsea FC.
“We wish you every success as the custodian of our club and look forward to a long, constructive and mutually beneficial relationship between you and Chelsea supporters.
“The CST has been very encouraged by the interactions we have had with Mr Boehly and his team over recent months, but the hard work starts now.
“It is now time to deliver both on and off the pitch in building a successful, inclusive and forward-thinking club with supporters at the forefront.”