A "final and definitive agreement" had been struck to sell the English Premier League club, Chelsea, to a consortium led by Los Angeles Dodgers part-owner Todd Boehly and backed by Clearlake Capital.
Chelsea said on Saturday.
The takeover is expected to be completed on Monday.
The consortium, which won the bid to acquire the London side earlier this month, received approval from the Premier League and the British government this week for the sale to go ahead.
"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," the club said in a statement.
"It is expected that the transaction will be completed on Monday. The club will update further at that time."
Russian owner Roman Abramovich put the club up for sale in early March following Russia's invasion of Ukraine, which Moscow calls a "special military operation".
The sale also needed the green light from the Portugal government after Abramovich became a citizen of the country last year and is under European Union sanctions.
Chelsea had been operating under a special license issued by the British government since Abramovich's assets were frozen in March and it was set to expire on May 31.
The club previously confirmed Abramovich would donate all proceeds from the sale, which would be placed in a frozen bank account, to charitable causes.
"I am proud that as a result of our joint successes, millions of people will now benefit from the new charitable foundation which is being established," Abramovich said in a statement published on Chelsea's website.
Abramovich bought the club in 2003 and helped Chelsea become a dominant force in English football, leading them to five Premier League titles, five FA Cups and two Champions League trophies during his reign.
"My goal has been to ensure that the next owner has a mindset that will enable success," Abramovich added. "I am pleased this search has now come to a successful conclusion.
"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."
The completion of the sale will allow Chelsea to renew transfer activity as well as permit players to sign new contracts, which was prohibited as part of the sanctions imposed.
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