Chelsea ownership: Chicago Cubs, Ricketts family group withdraws bid due to 'unusual' sales process

The owners of the Chicago Cubs have decided to end their interest in buying Chelsea, leaving three remaining bids.

The decision was announced after the deadline to submit offers for the Premier League club which is being sold by sanctioned Russian owner Roman Abramovich. The bid was being led by Cubs chairman Tom Ricketts.

«The Ricketts-Griffin-Gilbert Group has decided, after careful consideration, not to submit a final bid for Chelsea FC,» the group said in a statement. «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."