Billionaire Sir Jim Ratcliffe has made a last-minute offer to buy Chelsea F.C. valued at more than $5 billion, this morning.
The offer came in as Boston Celtics co-owner Steve Pagliuca’s group was dropped from the bidding.
The bidders have been in contention to buy the club for more than $3 billion and made a pitch to the U.S.-based merchant bank Raine Group this week.
The British government will grant the relevant license to the preferred bidder chosen by Raine Group.
The British club was put up for sale by its current owner Roman Abramovich at the beginning of last month after his alleged links to Russian President Vladimir Putin complicated his position with the club.
British billionaire Ratcliffe is the head of the petrochemicals giant, Ineos Group.
“Sir Jim Ratcliffe, Chairman of INEOS, has made a formal bid for Chelsea FC, for £4.25bn. £2.5bn is committed to the Charitable Trust to support victims of the war, with £1.75bn committed to investment directly into the club over the next 10 years. This is a British bid, for a British club,” said a statement from the company.