Chelsea takeover: Ricketts family-led group pulls out of running to buy club

Unusual dynamics around the sales process were the reason why the family-led consortium pulled out of the running.

The family that owns the Chicago Cubs has decided not to make a final bid for the club.

The group included a hedge-fund mogul and the owner of a basketball team.

The fans protested against the bid.

Three years ago, the family's matriarch, Joe Ricketts, was accused of Islamophobia, and there were concerns over the bid.

The decision to withdraw is not related to the backlash from fans, but because the three parties could not come to an agreement on the terms of the deal.

The group decided not to submit a final bid for the club after careful consideration.

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

The UK government gave a special licence to the club after owner Roman Abramovich was sanctioned.

The club was put up for sale byAbramovich before he was sanctioned for his alleged links to Putin.

The initial date for final offers was Monday, 11 April, but was pushed back three days to Thursday.

Todd Boehly, a co-owner of the Los Angeles Dodgers, is part of a group that includes a British bid and one led by the co-owner of the Boston Celtics.

Raine Group, an American investment firm, has been tasked with selling the club and the UK government is expected to issue a new licence, allowing the club to be sold once a preferred buyer has been identified.

The sale must be approved by the owners and directors of the league.