The Ricketts family has withdrawn their offer to buy Chelsea Football Club from Roman Abramovich, a Russian-Israeli billionaire.

After a deadline from sellers Raine Group passed on Thursday, the Ricketts family was one of the final four in the process.

The bidders, formally known as the Ricketts-Griffin-Gilbert Group, issued a statement on Friday declaring their decision to withdraw.

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 of the sales process.

“We have great admiration for Chelsea and its fans, and we wish the new owners well.”

Remember that Abramovich declared that he was selling Chelsea, stating that the move was in the club's best interests.

The British government sanctioned Abramovich because of his ties to Russian President Vladimir Putin during Russia's invasion of Ukraine.

The Raine Group was charged with handling the club's sale in West London.

Chelsea has been granted a special government permit to continue functioning, subject to certain restrictions.

Raine's chosen buyer will have to pass English Premier League owner and director examinations, with a new government license to process the sale as the final step.