The transaction will see Clearlake increase its ownership from 61.5 per cent to 86.5 per cent, with Swiss billionaire Hansjorg Wyss retaining a 13.5 per cent stake.
Boehly was the public face of the consortium that bought Chelsea from Roman Abramovich in 2022, but Clearlake co-founder Behdad Eghbali has since become the most influential figure within the ownership group.
Chelsea have said the change in ownership will not affect the club's day-to-day operations, leadership or overall strategy.
Boehly and Walter are expected to make a small profit from their investment after four years of ownership.
"It has been an honour to serve as chairman of Chelsea Football Club," Boehly said.
"I would like to thank the many who helped secure a bright future for the club, including the English Premier League, the coaches and players, the talented leadership and staff at Chelsea, and the legions of dedicated fans.
"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."
Eghbali and Clearlake co-founder Jose Feliciano thanked Boehly for his contribution to the club.
"Todd has been an important partner throughout our ownership of Chelsea, and we thank him for his time and contribution as chairman," they said.
"He will always be a part of the Chelsea story and family."
The new ownership structure comes after several years of reported differences between Boehly and Clearlake, including disagreements over the club's direction and the future of Stamford Bridge.
Boehly warned in March 2025 that the owners could eventually go their separate ways if they could not agree on plans for the stadium.
Chelsea have been considering whether to remain at Stamford Bridge and expand the historic ground or move elsewhere in London, with Earl's Court among the locations discussed.
"We have to think long term about what we're trying to accomplish," Boehly said in an interview with Bloomberg.
"We have a big stadium development opportunity that we have to flesh out. That's going to be where we're either aligned, or we ultimately decide to go different ways."
There were also tensions over football decisions, with Boehly reportedly unhappy with the decision to part company with Mauricio Pochettino in May 2024.
Enzo Maresca replaced Pochettino and guided Chelsea to the Conference League and FIFA Club World Cup before leaving the club at the start of 2026.
Chelsea subsequently finished 10th in the Premier League and missed out on European football before appointing Xabi Alonso as their new head coach this summer.
Clearlake said its focus under full control will be on continued investment in Chelsea's infrastructure, sporting performance and player development.
"Clearlake has served as Chelsea's majority owner since 2022, and as we move to full control our focus is to continue investing in the club's infrastructure, sporting performance, player development and delivering long-term success for Chelsea and the club's supporters," Eghbali and Feliciano said.
Chelsea manager Xabi Alonso has given his players every chance of returning for Friday's Premier League meeting with Brentford, with Joao Pedro, Reece James and Moises Caicedo all still in contention.
Romeo Lavia believes he is finally benefiting from the work he has put into overcoming his injury problems as he looks to establish himself at Chelsea.
Elliot Anderson has revealed how facing Manchester City as a youngster left him dreaming of one day playing for the club.
Tottenham Hotspur have received a welcome injury boost with Pedro Porro set to return for Saturday's Premier League meeting with Aston Villa.
