Chelsea is set to have a new owner after the Todd Boehly consortium was confirmed as the preferred bidder to buy the club.
The Boehly group was among the last three bidders which included Stephen Pagliuca's group who were the first to be informed that they had been removed from the process.
The other group was Sir Martin Broughton's team who were also rejected.
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A late bid of Ksh619 billion (£4.25 billion) by Sir Jim Ratcliffe on Friday, April 29, was also rejected.
Raine Group, the US merchant bank overseeing the sale of the club accepted Boehly group's bid and confirmed the news.
The Blues were put up for sale back on March 2, 2022, by Roman Abramovich after he was sanctioned by the UK government.
Recently the sale of Chelsea has affected the club as German defender Antonio Rudiger was announced to be leaving the club with his contract set to expire.
The club's banks were frozen and officials were barred from negotiating contracts with players.
According to Sky Sports, the Boehly group has been given a few days to plan its takeover.
While awaiting the full takeover, the group will meet with UK Government officials for ratification.
They will also be vetted by the Premier League Owners and undertake the Directors' Test.