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.”