Ricketts consortium pulls out of Chelsea bid race

The Ricketts family, who had partnered with U.S. billionaires Ken Griffin and Dan Gilbert, submitted a cash-only offer and had been included on the four-bid shortlist.

Chelsea was put up for sale by owner Roman Abramovich following Russia's invasion of Ukraine before sanctions were imposed on the oligarch by the British government.

A consortium led by Chicago Cubs owners the Ricketts family has pulled out of the running to buy Premier League club Chelsea, the family said on Friday.

Final bids for the club, which was put up for sale by owner Roman Abramovich following Russia's invasion of Ukraine before sanctions were imposed on the oligarch by the British government, were submitted on Thursday.

The Ricketts family, who had partnered with U.S. billionaires Ken Griffin and Dan Gilbert, submitted a cash-only offer and had been included on the four-bid shortlist produced by U.S. Bank Raine Group, who are overseeing the sale.

"The Ricketts-Griffin-Gilbert Group has decided, after careful consideration, not to submit a final bid for Chelsea F.C," the statement read.

"In the process of finalising their proposal, it became increasingly clear that certain issues could not be addressed given the unusual dynamics around the sales process. We have great admiration for Chelsea and its fans, and we wish the new owners well."

The Ricketts family's surprise withdrawal leaves groups led by LA Dodgers part-owner Todd Boehly, former Liverpool chairman Martin Broughton and Boston Celtics co-owner Steve Pagliuca as the remaining Chelsea bidders.