A consortium led by a company that already owns a number of sports franchises in the United States has opted not to pursue their interest.
The Ricketts family-led group, which had been one of the most popular bidders for Chelsea, has announced its withdrawal from the takeover contest.
The partnership, led by the family that already owns the Chicago Cubs baseball team in the United States, had teamed up with American billionaires Ken Griffin and Dan Gilbert in an attempt to wrest control of west London from Roman Abramovich, who had resigned.
Those plans have since been scrapped, with reports claiming that those interested in the proposal were unable to reach an agreement on the final composition of any deal.
"The Ricketts-Griffin-Gilbert Group has chosen, after careful consideration, not to submit a final proposal for Chelsea FC," the consortium said in a statement released on Friday.
Given the particular nature of the sales process, it became increasingly evident as they finalized their proposal that certain issues could not be addressed.
"We have a lot of respect for Chelsea and its supporters, and we wish the new owners all the best."
On Thursday, Chelsea's last offers had to be on the table and passed to the Raine Group, the bank in charge of the sale of the Premier League's heavyweights.
Three parties remain in the race now that the Ricketts family has dropped out due to protests against their bid.
The Blues are now being fought over by Steve Pagliuca, Sir Martin Broughton, and Todd Boehly.
"The Ricketts' decision may appear to be due to fan pressure over their proposal, but sources say that isn't the case."
In reality, they had been able to enlist the help of some of the match's supporters through a series of meetings.
"It's a major surprise that they pulled out at the last minute, but it's more due to their not being able to reach an agreement among the many billionaires Ricketts-Griffin-Gilbert about how much they own and how much they put in."
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