Chelsea chairman Todd Boehly will leave his role after agreeing to sell his stake in the football club to co-owners Clearlake Capital.
The Premier League club announced the transition on Wednesday, with the US private equity firm acquiring "full control of the club".
In a statement, Mr Boehly, who bought a stake in the London club in 2022, said it had been an "honour" to serve as chairman, and thanked "the coaches and players, the talented leadership and staff at Chelsea, and the legions of dedicated fans".
He added: "I have valued my partnership with Clearlake and the wider ownership group, and the collective decisions and investment we have made to support the immediate and long-term success of the club. I am confident that Chelsea is well positioned for continued success under Clearlake's leadership."
Mark Walter, another of the club's co-owners, has also sold his stake to Clearlake. Last month, he sold NBA franchise the Los Angeles Lakers for a record-breaking $12.5bn (£9.25bn).
Mr Boehly, Mr Walter and Swiss billionaire Hansjörg Wyss - who the club said will remain an "important stakeholder and partner in the ownership group" - each had a 12.8% stake following their joint takeover of Chelsea four years ago, with Clearlake previously owning 61.5% as part of the deal.
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Following the acquisition of the club from former owner Roman Abramovich, who was forced to sell after being sanctioned by the UK, Mr Boehly became the public face of the club, overseeing a period of intense activity in the transfer market that saw Chelsea spend more than £1bn.
In July, Chelsea broke the record for the most expensive transfer for a British player when they signed England international Morgan Rogers from Aston Villa for £117m.
Behdad Eghbali and Jose E Feliciano, co-founders of Clearlake, said Mr Boehly had been "an important partner throughout our ownership", and insisted the 52-year-old "will always be a part of the Chelsea story and family".
Chelsea, who appointed Xabi Alonso as manager this summer and are currently sixth in the Premier League, said there will be "no changes to day-to-day operations, leadership or strategy at the club".
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