Major consortium pulls out of Chelsea bid
The Ricketts-led consortium has withdrawn its offer to buy English Premier League club Chelsea.
The owners of the Chicago Cubs and their partners chose not to submit a final offer for the Blues.
It is believed that consortium members were unable to agree on the final composition of their bid.
Cubs owners Tom and Laura Ricketts had teamed up with American billionaires Ken Griffin and Dan Gilbert in a cash-only offer to buy the Blues.
Final bids were due to be submitted to New York-based investment bank Raine Group on Thursday, but the Ricketts-led group has now withdrawn its bid.
“The Ricketts-Griffin-Gilbert Group have decided, after careful consideration, not to submit a final offer for Chelsea FC,” read a statement from the Ricketts family.
“During the process of finalizing the proposal, it became increasingly clear that some issues could not be resolved given the unusual dynamics surrounding the sales process.
“We have great admiration for Chelsea and their fans and wish the new owners the best of luck.”
The Ricketts’ bid for Chelsea had come under fire from Blues supporters, following historic emails from family patriarch Joe Ricketts from 2019.
Supporters had staged a small protest at Stamford Bridge, with the Ricketts family working hard to prove an inclusive and diverse bid to buy the club.
These objections, however, played no part in the Ricketts withdrawing their bid for Chelsea.
Russian-Israeli billionaire Roman Abramovich put Chelsea up for sale on March 2, amid Russia’s continued invasion of Ukraine.
The 55-year-old was then sanctioned by the British government on March 10, with Downing Street claiming to have proven his links to Vladimir Putin.
Chelsea have been granted a special government license to continue operating, but under strict conditions.
Abramovich cannot profit from the sale of Chelsea, but had already pledged to write off the club’s 1.5 billion pound ($1.96 billion) debt.
The Ricketts’ withdrawal leaves LA Dodgers co-owner Todd Boehly, Sir Martin Broughton and Boston Celtics co-owner Steve Pagliuca as Chelsea’s other bidders.