The National Hockey League board of governors unanimously approved the sale of the Mighty Ducks of Anaheim on Thursday.
The announcement all but completes the deal between the Walt Disney Company and the new owner of the club, Orange County entrepreneur Dr. Henry Samueli.
The sides negotiated the sale in February, and the league's approval is pending the closing of the transaction, which is expected shortly.
The sale price and terms have not been revealed.
According to a Los Angeles Times report, Anaheim has hired Brian Burke, former general manager of the Vancouver Canucks and a former NHL senior vice-president, as the club's new general manager and will be introduced at a news conference Monday.
The Disney Company paid $50 million US to the NHL as an expansion fee in 1992, but put the club up for sale a few years ago.
According to The Times, the franchise lost $28 million in 2003-2004.
Dr. Samueli is co-founder, chairman of the board and chief technical officer of Broadcom Corporation, a global leader in broadband communications semiconductor chips.
Samueli said he would continue to remain focused on his duties at Broadcom and leave the day-to-day management of the franchise to a strong leadership team. Samueli is expected to consider changing the name of the franchise.
The Ducks reached the Stanley Cup Finals in 2003, losing in seven games to the New Jersey Devils, then failed to make the post-season in 2004.
with files from Sports Network