The Ricketts family have decided to pull out of their bid to buy Chelsea.
The Ricketts consortium was one of the final four bidders who were shortlisted among the potential owners of Chelsea FC.
However, amid vehement opposition from fans, the Ricketts family have decided to pull out their bid.
The group has released a statement explaining their decision.
The statement read: “The Ricketts-Griffin-Gilbert group has decided, after careful consideration, not to submit a final bid for Chelsea FC. In the process of finalising the 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 three remaining bidders are LA Dodgers part-owner Todd Boehly, former Liverpool chairman Sir Martin Broughton, and Boston Celtics co-owner Steve Pagliuca.