Todd Boehly has signed an agreement to purchase a company.
The deal needs to be approved by the UK government and the league.
The group headed by the LA Dodgers part-owner - which includes backing from Clearlake Capital, a US investment firm - beat off late competition to win the battle.
The UK government's licence for the club to operate ran out on May 31st so they had to find a new bidder. The government can issue a licence to allow the club to be sold if the Raine Group is hired to oversee the sale.
The new season is due to start on June 8th, which is when a licence is needed for the next campaign.
Sky Sports News reported in April that Boehly's group was chosen as the preferred group to buy the club despite a late offer from Ratcliffe.
The Raine Group told the Pagliuca consortium at the end of last month that it was out of the running. The group led by former British Airways chairman Sir Martin was still in the running.
Lewis Hamilton was one of the investors backing the attempt to acquire the club. Serena Williams was one of the backers.
The group led by the Ricketts family, which owns the Chicago Cubs, and the Citadel hedge fund billionaire Ken Griffin, withdrew their offer in March after being in the final four. The plans fell apart because the members of the consortium couldn't agree on the final make-up of the deal.
It is expected that a new owner for the club will be found by the end of this month, nearly three months after owner Roman Abramovich put the club up for sale.
On March 10, the UK government imposed sanctions on the Russian billionaire, who was accused of having links to Putin.
The departing owner of the club denied that he wants the loan repaid and promised to give the proceeds from the sale of the club to charity.
The Russian owner said he would not be asking for his loans to be repaid and that the proceeds from the sale of the club would go to the victims of the war in Ukraine.
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The 55-year-old has reiterated his commitment to giving money from the sale of the club to charity.
A statement released by the Russian and his company on Thursday evening said that his intentions in relation to giving the proceeds from the sale of the company to charity have not changed.
Since the initial announcement, Mr Abramovich's team has identified senior representatives from UN bodies and large global charitable organizations who have been tasked with forming a Foundation and setting out a plan for its activities. Government representatives have had conversations with the lead independent expert.
The work has been managed independently by experts with years of experience working in humanitarian organizations, and Mr. Abramovich has not been involved in it.
Suggestions that Mr Abramovich asked for a loan to be repaid and that he increased the price of the Club last minute are false. As part of Mr Abramovich's objective to find a good custodian for the club, he has encouraged each bidder to invest in the club, including in the Academy, Women's team, necessary redevelopment of the stadium as well as maintaining the work.
The UK government will not allow the sale to go through if it is certain thatAbramovich won't get any of the money.
The loan has become subject to EU sanctions due to the restrictions imposed on Mr. Abramovich by the UK since announcing that the Club would be sold.
The funds will be frozen and subject to a legal procedure. The funds are earmarked for the Foundation. The Government is aware of the legal implications.
The sale of these funds will not give Mr. Abramovich access or control of these funds. Despite the changing circumstances since his initial announcement, he remains committed to finding a good custodian and making sure the proceeds go to good causes.