Sir Jim Ratcliffe’s attempts to buy Chelsea have been dealt a blow after seeing his bid to buy the club rejected out of hand".
Sky Sports reports Ratcliffe tabled a £4.25 billion bid to buy the Blues on Friday, but made it difficult for his bid to be considered after not engaging in the process set out by the Raine Group.
The 69-year-old is the CEO of the Ineos Group Ltd and widely considered to be Britain’s richest person.
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It is believed that a consortium led by American businessman Todd Boehly is the preferred bidder by the Raine Group, and it has until the end of this week to finalise terms of an agreement to buy the club.
The Premier League is currently scrutinising the bid to see if it passes their owners and directors test.
Meanwhile, two additional parties are interested in taking over Chelsea. This includes a bid led by former Liverpool and British Airways chairman Sir Martin Broughton, and another from Stephen Pagliuca, part-owner of the NBA's Boston Celtics and Serie A's Atalanta.
The latter was informed that it was not the preferred bidder before Boehly’s consortium was favoured.
Chelsea are currently in operation after being given a special licence by the government.
This licence expires on May 31 and in theory, the club could go out of business if news owners are not found by the end of the month.
Even though this is highly unlikely and the temporary licence would surely be extended, it would cause big problems for the Premier League, who are due to meet on June 8 to constitute the new season.
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