The British government and the Premier League have approved the £4.25 billion ($5.3 billion) takeover.
Chelsea were put on the market in early March, days before owner Roman Abramovich was sanctioned by the British government following Russia’s invasion of Ukraine.
The British government describes Abramovich as part of Russian President Vladimir Putin’s inner circle. Abramovich is also the target of European Union sanctions.
“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 consortium is led by Boehly, but California-based private equity firm Clearlake Capital would own a majority of the shares in the club.
Other investors include US billionaire Mark Walter, who is Boehly’s co-owner at the Dodgers, and Swiss billionaire Hansjorg Wyss.
The Portuguese government has also ratified the sale. Portugal’s approval was required because Abramovich holds a passport for the European nation.