Chelsea’s majority owners, Clearlake Capital, are closing in on an agreement to buy out co-owners Todd Boehly and Mark Walter in a deal that would see the pair make a profit on their investment and value the club at around £5bn.

On-off discussions between the two ownership groups over a potential sale have been taking place for the last two years, but intensified last month as a result of Mark Walter seeking to raise funds to pay off insurers following a US federal investigation over alleged tax fraud.

Related: Chelsea’s 2016-17 Premier League title should be given to Spurs, says Pochettino

Walter, Boehly and Swiss billionaire Hansjörg Wyss all own 12.8% of Chelsea following their joint £2.5bn purchase of the club with Clearlake from Roman Abramovich four years ago, in a deal in which the new owners commit to spending a further £1.75bn on the club.

Under the terms of their ownership agreement, none of Chelsea’s shareholders can sell to a third party without the consent of their partners giving Clearlake, whose investment is managed by Behdad Eghbali and José E Feliciano, an exclusive option to purchase Boehly and Walter’s stakes.

In a statement issued to Bloomberg a spokesperson for Walter confirmed that he is seeking a sale with an agreement close. Boehly is also expected to sell as he is a long-time investment partner of Walters. Wyss’s position is unconfirmed.

“This potential transaction values Mark Walter’s stake in Chelsea Football Club at a premium to his initial investment and is another successful sports investment for him,” a spokesperson for Walter said.

“After this exit, Mr Walter intends to make future sports-related investments. “Walter did not initiate the proposed transaction to sell his interest, which has been in the works for quite some time.”

As 61.5% shareholders, Clearlake already had day-to-day operational control at Chelsea managed by Eghbali, and were due to make their own appointment as chairman to replace Boehly next year, but taking complete control will ease internal tensions at the club and should smooth decision making.

The most immediate impact of the impending ownership change is likely to be felt in Chelsea’s plans for a new stadium, as Eghbali has clashed with Boehly over whether the club should seek to redevelop Stamford Bridge or seek an alternative site elsewhere.

Walter is being investigated by the US Department of Justice over $21bn in loans which it has been alleged were not disclosed to state insurance regulators, and led to the sudden sale of assets to pay down some of the loans.

The American insurance and sports investor last month sold his 85% stake in the Los Angeles Lakers to Josh ⁠Kushner and Bob Iger in a deal that valued the NBA franchise at around £9bn.

Walter’s holding company, TWG Global, subsequently issued a statement saying that the company “is not looking to sell its sports assets at ‘fire sale’ prices”.

Representatives for Boehly and Clearlake declined to comment.