The deadline for the final bid to buy Chelsea football club has been revealed.
The four potential new owners have until April 11 to make their final proposals for the club.
According to The Raine group, the New York merchant bank in charge of the transaction, Chelsea will have new owners by May.
Chelsea’s remaining suitors will have the opportunity to enhance their bids for the club, with future spending commitments of at least one billion pounds (1.3 billion USD) required.
Raine has been directed by Chelsea to pursue those future expenditure pledges in order to secure the club’s future in the Premier League.
Boston Celtics co-owner Stephen Pagliuca was the final addition to the four-strong shortlist to buy Chelsea on Friday.
The 67-year-old billionaire co-chairman of Bain Capital boasts a strong offering to buy the Blues.
Chicago Cubs owners the Ricketts family, former Liverpool chairman Sir Martin Broughton and LA Dodgers part-owner Todd Boehly are the other bidders still in the race.
Roman Abramovich put Chelsea up for sale on March 2, amid Russia’s continued invasion of Ukraine.
The Russian-Israeli billionaire was then sanctioned by the UK Government on March 10.
The Blues must operate under strict Government licence, with Abramovich unable to profit from Chelsea’s sale.
Downing Street must approve another new licence to authorise Chelsea’s eventual sale, with the money either frozen or distributed to charitable funds to aid victims of the war in Ukraine.
Abramovich has pledged to write off Chelsea’s 1.5 billion pounds debt and the bidding frenzy for the club could see the eventual deal hit three billion pounds.
