Chelsea FC’s bankers have told those left in the race to acquire the team to commit at least £1bn to finance the club’s future.
Former British Airways and Liverpool FC chairman Sir Martin Broughton as well as former Olympian Lord Coe feature among those making a play for the team.
The bidders are expected to give guarantees that an additional £1bn funding will go to the club’s stadium as well as additional developments, Sky News exclusively reported.
The condition was set to reassure supporters that Chelsea’s new owner will provide a similar kind of funding to that of Abramovich.
The contenders are expected to submit their bids to US merchant bank Raine, who will value the proposals on the basis of level of equity and debt funding, future investment commitments as well as certainty of execution, the outlet reported.
During the first bidding round, which was concluded on Thursday, Raine rejected the proposals of Saudi Media Group and Woody Johnson, former ambassador to the UK and owner of the New York Jets, City A.M reported.