A final and definitive agreement has been reached with the consortium led by Todd Boehly, which is expected to be completed on Monday.
The takeover has been approved by the UK government.
Roman Abramovich's company was put up for sale in March before he was hit with sanctions.
The club has a licence that expires on 31 May.
The club said in a statement that a final and definitive agreement was entered into last night to sell the club to the Todd Boehly/Clearlake Capital consortium.
The transaction is expected to be completed on Monday.
Clearlake Capital would own a majority of the shares in the consortium. Mark Walter is a co-owner of the LA Dodgers with Boehly.
The consortium passed its owners and directors test, according to the premier league.
The UK government said it had reached a position where it could issue a licence that would allow the sale of the club.
The trust said that they have been encouraged by the interactions they have had with Mr Boehly and his team, but the hard work starts now.
It is time to deliver both on and off the pitch in building a successful, inclusive and forward- thinking club with supporters at the forefront.
More to come.
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