Strasbourg have announced that a deal is in place for BlueCo, who bought Chelsea last summer, to become the club's new owners.
The French side have just narrowly avoided relegation from Ligue 1, with a run of eight points from their final five games seeing them avoid the drop to the second tier.
While Todd Boehly and Clearlake Capital had been in the market for a new club, that development led to extra onus being placed on agreeing terms for Strasbourg.
Although it appeared at one stage that Boehly and Clearlake would settle for a smaller stake in the club, it has been widely reported that they now hold 'close' to a 100% share of Le Racing.
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The Guardian says that Chelsea are paying in the region of £65m to acquire the Eastern French outfit in what may not be the only such deal that they strike over the coming years.
A statement from BlueCo read: "It is an honour for us to be part of this historic club. We are committed to preserving the heritage of Racing and are focused on working closely with Marc (Keller, president) and his management team to continue the excellent work they have been doing.
"This strategic investment would further our presence in European football, alongside our ownership of Chelsea. We believe it would create huge opportunities to share knowledge and expertise."
Marc Keller will remain in his position as president, with Chelsea theoretically in a position where they can send academy and squad players to further their development.
That would follow the model used by Manchester City, with teams such as Troyes and Girona a part of the 12-club 'City Football Group'.
Darren Plant
