Chelsea president Todd Boehly and director Mark Walter have decided to sell their stakes in the club to majority owner Clearlake Capital.
Clearlake, led by co-founders Behdad Eghbali and José E. Feliciano, now take full control of the club.
Boehly, Walter and Swiss billionaire Hansjörg Wyss each held a 12.8% stake, while Clearlake previously owned 61.5% of Chelsea.
Chelsea said in a statement, according to "BBC", that Wyss "will remain a shareholder and an important partner in the ownership group".
The American Boehly, though, leaves his post as president, a role he had held since 2022, when the consortium bought the club for £2.3 billion from Roman Abramovich in the wake of sanctions imposed on the Russian by the British government over alleged links to his country's president Vladimir Putin, something he denied.
Clearlake are understood to have paid nearly £1 billion for the two stakes, representing about a quarter of the club, although club sources confirm that Chelsea's value is around £5 billion.
BBC Sport reported last August that Boehly and Walter were considering selling their stakes.
Multiple sources said talks began within Chelsea's ownership group after a dispute, which first emerged in 2024, led both sides to explore buying out the other's stake.
Boehly, who is one of the owners of the Los Angeles Dodgers baseball team, said it had been an "honour" for him to serve as chairman of Chelsea's board.
He added: "I would like to thank the many who helped secure a bright future for the club, including the Premier League, the coaches and players, the talented leadership and staff at Chelsea, and the armies of loyal fans."
He continued: "I have valued my partnership with Clearlake and the wider ownership group, and the collective decisions and investments we made to support the club's success in the near and long term. I am confident that Chelsea is well placed to continue succeeding under Clearlake's leadership."
Boehly and Walter also sold their stake in French club Strasbourg, Chelsea's partner club.
Since the 2022 takeover, Chelsea's best Premier League finish has been fourth place in the 2024-2025 season. The club also won the UEFA Europa Conference League and the Club World Cup that season.
Player turnover has been remarkably high over the past four years, with the initial strategy focused on signing young players on long-term contracts.
The Blues finished last season tenth in the Premier League, then appointed Xabi Alonso as head coach in the summer.
Eghbali and Feliciano thanked Boehly for his "time and contribution" as president, saying that he "will always remain a part of Chelsea's history and family".
Their focus, they added, is on "continuing to invest in the club's infrastructure, sporting performance, player development, and achieving long-term success for Chelsea and the club's fans".
Chelsea have ongoing plans either to redevelop Stamford Bridge or to move to a new stadium, something sources say has at times caused tension between the Boehly and Clearlake camps.
Nothing will change on the ground, the statement insisted, promising "no changes to the day-to-day operations, leadership or strategy at the club" as a result of Clearlake taking full control.
Walter, co-founder and chief executive of the global finance firm Guggenheim Partners, where Boehly also began his financial career, sold the Los Angeles Lakers last month for a record sum of $12.5 billion (£9.23 billion), a year after buying a majority stake in the NBA team.
US federal prosecutors and the Securities and Exchange Commission are, separately, investigating companies affiliated with Walter's business empire.
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