The Ricketts family-led consortium has withdrawn its bid to buy Chelsea Football Club.
The Chicago Cubs owners and their partners opted not to submit a final bid for the Blues, due to “unusual dynamics around the sales process”.
Tom and Laura Ricketts had partnered with US billionaires Ken Griffin and Dan Gilbert to place a cash-only offer and were one of the final four shortlisted bidders in the running to buy the club.
However, those plans have now come to an end, with members of the consortium understood to have been unable to agree on the final details of the deal.
“The Ricketts-Griffin-Gilbert group has decided, after careful consideration, not to submit a final bid for Chelsea FC,” a Ricketts family statement said.
“In the process of finalising the proposal, it became increasingly clear that certain issues could not be addressed given the unusual dynamics around the sales process.
“We have great admiration for Chelsea and its fans and we wish the new owners well.”
Final bids were due to be submitted to New York merchant bank the Raine Group on Thursday.
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The remaining three bidders are consortiums led by LA Dodgers part-owner Todd Boehly, Sir Martin Broughton and Boston Celtics co-owner Steve Pagliuca.
The Ricketts bid was unpopular among many Chelsea fans due to discriminatory emails sent by Joe Ricketts, the family’s patriarch, in 2019.
Earlier this month, supporters held a small demonstration at Stamford Bridge over the bid.
The club was put up for sale by its billionaire owner Roman Abramovich on 2 March amid the Russian invasion of Ukraine.
Just eight days later, the 55-year-old was sanctioned by the UK government, with Downing Street claiming to have proven his links to Vladimir Putin.
Since then, the club has been operating under a special government licence that comes with strict terms.
Mr Abramovich cannot profit from Chelsea’s sale but had already vowed to write off the club’s £1.5bn debt.