Bruce Buck will be stepping down from his position as chairman at the end of the month.
The American will continue to support the club as a senior adviser.
After Todd Boehly took over, it was thought that Buck would stay on as chairman.
He said that it was the right time to step down and let a new owner take over.
The owners have a compelling vision for the future of the club, and I look forward to working with them to achieve it.
Buck said he was proud to help make a positive impact in the community.
The men's team won 18 major honours and the women's team won 12.
The co-controlling owner of the club, Boehly, thanked Buck for his service and dedication to the club.
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