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Chelsea FC said a group led by Los Angeles Dodgers co-owner Todd Boehly would acquire the London club after agreeing terms in a deal worth £4.25 billion ($5.2 billion).
"The sale is expected to complete in late May subject to all necessary regulatory approvals," the football club said in a statement late Friday.
Chelsea's Russian owner Roman Abramovich put the Premier League club on the market in March, just days before he was sanctioned by the British government following the invasion of Ukraine.
After a lengthy bidding process involving several groups, Boehly and his fellow investors were picked by Raine Group, the New York bank overseeing Chelsea's sale.
Boehly's group of investors includes fellow Dodgers co-owner Mark Walter, Swiss billionaire Hansjoerg Wyss and US investment firm Clearlake Capital.
"Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjoerg Wyss, to acquire the Club," the Chelsea statement said.
"Of the total investment being made, £2.5bn will be applied to purchase the shares in the Club and such proceeds will be deposited into a frozen UK bank account with the intention to donate 100 percent to charitable causes as confirmed by Roman Abramovich," it said.
"UK government approval will be required for the proceeds to be transferred from the frozen UK bank account."
In addition, the new owners would commit £1.75 billion in further investment for the benefit of the club, Chelsea said.