The consortium led by the Ricketts family has withdrawn from the race to take over Chelsea.
Chicago Cubs owners faced a major backlash from Blues fans following discriminatory comments from Ricketts family patriarch Joe in leaked emails in 2019.
They were in London earlier this month to talk a deal with club bosses, and also to try to allay any fears fans may have.
But on Friday, the Ricketts family confirmed that they would not submit a final bid, as consortium members were unable to agree on the final composition of their bid.
Cubs owners Tom and Laura Ricketts had teamed up with American billionaires Ken Griffin and Dan Gilbert in a cash-only offer to buy the Blues.
Final bids were due to be submitted to New York-based investment bank Raine Group on Thursday, but the Ricketts-led group has now withdrawn its bid.
“The Ricketts-Griffin-Gilbert Group have decided, after careful consideration, not to submit a final offer for Chelsea FC,” read a statement from the Ricketts family.
“During the process of finalizing the proposal, it became increasingly clear that some issues could not be resolved given the unusual dynamics surrounding the sales process.
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“We have great admiration for Chelsea and their fans and wish the new owners the best of luck.”
Fan objections, which included a petition and a small demonstration, reportedly played no part in the Ricketts’ withdrawal of their bid for Chelsea.
Russian-Israeli billionaire Roman Abramovich put Chelsea up for sale on March 2, amid Russia’s continued invasion of Ukraine.
The 55-year-old was then disciplined by the UK government a week later.
Abramovich cannot profit from the sale of Chelsea, but had already pledged to write off the club’s £1.5billion debt.
The Ricketts’ withdrawal leaves LA Dodgers co-owner Todd Boehly, Sir Martin Broughton and Boston Celtics co-owner Steve Pagliuca as Chelsea’s other bidders.