The Edgbaston-based side was among the teams put up for sale last year, with Knighthead Capital Management acquiring a 49% stake for £40 million, while Warwickshire County Cricket Club retained majority ownership.
Bellingham has taken 0.6% from each party, leaving Warwickshire with a controlling 50.4%. The deal, reportedly worth around £1 million, is set to be confirmed on Wednesday.
A known cricket enthusiast who played junior cricket at Hagley Cricket Club, Bellingham has previously named Ben Stokes as the sportsperson he would most like to swap places with.
Bangladesh left-arm pacer Mustafizur Rahman has been picked by Phoenix for the first time, adding further interest for Bangladeshi fans ahead of the upcoming season.