In a record deal, the limited partners of the Red Sox voted to sell the legendary franchise to a group led by Florida Marlins owner John Henry and former San Diego owner Tom Werner.
While the Red Sox refused to announce the price of the franchise, it was revealed that the group paid $660 million US for the team.
It is the highest price paid for a baseball club. The previous record was the $323 million Larry Dolan paid for the Cleveland Indians.
The deal also includes Fenway Park and 80 per cent of the New England Sports Network.
The sale must be approved by 75 per cent of the 30 major league owners.
"I am delighted to recommend the John Henry Group to Major League Baseball as the next owner of the Red Sox," Boston CEO John Harrington said.
"I am highly confident that, if approved by Major League Baseball, John Henry and his group will be outstanding owners who will carry on the Yawkey tradition of fielding a competitive team."
One of baseball's most stories franchises, the Red Sox have been in the Yawkey family since the Great Depression.
The new ownership group is a mix and match of personalities, including Henry, Hollywood producer Tom Werner, former politician George Mitchell and the New York Times.
Henry is negotiating to sell the Marlins to Jeffrey Loria, the owner of the Montreal Expos, a team that baseball commissioner Bud Selig wants to eliminate.
Larry Lucchino, the former president of the Baltimore Orioles and Padres, will likely assume the role of team president if the sale is approved.
Harrington said that the Werner-Henry group offered the highest qualified bid for the team.
The sale of the franchise has been expected for some time. Harrington announced that the limited partners, known as the Jean R. Yawkey Trust, would sell its 53 per cent stake on Oct. 6, 2000.
Four groups were in contention for the club.
Other bidders were Cablevision Systems Corp. chairman Charles Dolan, a group that includes New York lawyer Miles Prentice and the Quadrangle Group, a private equity firm.
Jean Yawkey took over the Red Sox when her husband, Thomas, died in 1976. When Jean Yawkey died in 1992, she willed all of her holdings to her trust and Harrington gained complete control of the team in November of the next year.
The team's rich history includes Cy Young and Ted Williams but also includes no World Series titles since 1918 and the sale of Babe Ruth to the New York Yankees two years later.
Boston has appeared in four World Series since 1918, losing each in a decisive seventh game.
