Chelsea chairman Todd Boehly has announced his departure from the role after agreeing to sell his stake in the club to fellow co-owner Clearlake Capital.
The Premier League club announced the development on Wednesday, confirming that the US private equity firm had acquired "full control of the club".
Boehly, who acquired his stake in the London club in 2022, described his time as chairman as an "honour" 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."
Another co-owner, Mark Walter, has also sold his stake to Clearlake. Last month, Walter sold NBA franchise the Los Angeles Lakers for a record-breaking $12.5bn (£9.25bn).
Boehly, Walter and Swiss billionaire Hansjörg Wyss, who Chelsea said will remain an "important stakeholder and partner in the ownership group", each held a 12.8% stake following their joint takeover of the club four years ago, while Clearlake previously owned 61.5% as part of the deal.
Following the acquisition of Chelsea from former owner Roman Abramovich, who was forced to sell the club after being sanctioned by the UK, Boehly became the public face of the club and oversaw a period of significant activity in the transfer market, with Chelsea spending more than £1bn.
In July, Chelsea broke the record for the most expensive transfer involving 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, described Boehly as "an important partner throughout our ownership" and said 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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