As well as Cardiff and LA FC, Tan currently owns Belgian First Division side KV Kortrijk and Bosnian club FK Sarajevo.
Bluebirds fans will be hoping much of the money Tan is getting from the sale will be ploughed into Cardiff, as Neil Harris seeks to strengthen the squad further in the summer transfer window.
The sale, according to the American outlet, values the club, which formed only in 2018, at more than $700m, making it the most valuable franchise in MLS history.
It looks as though Tan is slowly exiting surely the most glamorous board in world football with minority owners including Golden State Warriors co-owner Peter Guber, actor Will Ferrell, Magic Johnson, former football star Mia Hamm and her husband, former baseball player Nomar Garciaparra.
LA FC’s first game of the 2020 season saw them take on David Beckham’s newly-formed MLS franchise Inter Miami on Sunday, game the Los Angeles side won 1-0 thanks to a goal from former Arsenal forward Carlos Vela.