Former Leeds chairman Peter Ridsdale has replaced Hammam in a deal that will see millions wiped off the club's multi-million pound debt.
The club said the move was needed to bring new investment to build a new 30,000-seater stadium.
Full report from the BBC
SAM HAMMAM has agreed to sell Cardiff, Sport of the World can reveal.
The Bluebirds owner will end his six-year reign by handing over to a consortium with the cash to help turn Cardiff into a Premiership force.
The deal has been spearheaded by City wheeler-dealer Keith Harris, who helped mastermind the recent sale of Southampton.
Full report from the News of the World
CARDIFF CITY will see their multi-million pound debts wiped out by the consortium which is set to complete a takeover of the club, Wales on Sunday can exclusively reveal.
Owner Sam Hammam has agreed to sell his majority shareholding in the Championship leaders and will be officially replaced as chairman within the next 48 hours by his deputy Peter Ridsdale. The surprise news came as a shock to fans yesterday but the details of the deal were discussed and agreed at a board meeting on Friday.
Under the terms of the takeover, Hammam will step aside to be replaced by the man he brought to the club as a consultant in February last year.
Full report from Wales on Sunday
Sam Hammam yesterday resigned as chairman and owner of Cardiff City after six years at the club. The Lebanese businessman sold his 81.5% majority shareholding to a consortium of City investors which, it is hoped, will clear half of Cardiff's £24m debt and pave the way for a move to a £35m all-seater stadium.
The unnamed syndicate of hedge funds has appointed Hammam's deputy, Peter Ridsdale, as chairman of the club. Keith Harris, the chairman of Seymour Pierce, has been hired by Cardiff to complete a takeover that Ridsdale has been seeking to conclude for six months.
Full report from the Guardian
NEW Cardiff City chairman Peter Ridsdale last night explained Sam Hammam's shock departure from Ninian Park, stating, "It had to happen to fulfil our Premiership dream."
In his first interview since taking over the reins at Cardiff, Ridsdale refused to reveal the identity of those spending £24m to buy the Championship club.
"They are just financial institutions, not people, and at this stage they do not want to be identified," he said.
And, as he settled into Hammam's seat in the City boardroom, Ridsdale also explained how:
Hammam was forced to sever all ties with the Bluebirds before the mystery money-men would consider investing;
Full story from the Western Mail