Group led by Ricketts family pull out of bid to buy Chelsea

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The consortium led by the Ricketts Family has ended their interest in buying Chelsea, with the American investors announcing they will not make a final bid for the Premier League giants.

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Alongside American billionaires Ken Griffin and Dan Gilbert, the Ricketts Family were initially seen as one of the frontrunners to buy Chelsea and were one of four groups who were bidding to buy the west London club.

However there was significant backlash from many Chelsea fans over racist emails by family patriarch, Joe Ricketts, that led to fan protests outside Stamford Bridge.

With final bids due on Thursday, Apr. 14, the current owners of the Chicago Cubs have released a statement detailing why their consortium will no longer bid to buy Chelsea.

What did the Ricketts group have to say?

“The Ricketts-Griffin-Gilbert Group has decided, after careful consideration, not to submit a final bid for Chelsea FC.

“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.”

What, and who, next for Chelsea?

There are three bids left on the table to buy Chelsea and The Raine Group, the bank handling the deal for Chelsea to be sold, are believed to be planning on naming a preferred bid as early as the end of next week.

Here are the three remaining bidders for Chelsea:

  • A group led by Sir Martin Broughton includes billionaire Crystal Palace shareholders Dave Blitzer and Josh Harris
  • A consortium led by Todd Boehly, the LA Dodgers part-owner, which includes backing from U.S. investment firm Clearlake Capital
  • A group led by Steve Pagliuca, part-owner of the NBA’s Boston Celtics and Serie A’s Atalanta, with NBA chairman Larry Tanenbaum involved