The Ricketts Family Investment Group has announced it will not submit a final bid for Chelsea Football Club (Chelsea).
The takeover team was unable to agree on the structure for its last offer.
In a statement, the Ricketts family said: “The Ricketts-Griffin-Gilbert group has decided, after careful consideration, not to submit a final bid for Chelsea FC.”
“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 FC and its fans and we wish the new owners well.”
The Ricketts family had teamed up with Citadel chief executive Ken Griffin and Cleveland Cavaliers owner Dan Gilbert to present an offer to take over the club.
This follows Chelsea owner Roman Abramovich putting the club up for sale last month, and being subsequently sanctioned by the British government.
The Ricketts-led bid had reached the final shortlist alongside three other bidders, with the expectation of a final decision later this month.
While the bid passed the initial approval process, it had faced significant backlash online from sections of the Chelsea fan base, culminating in a demonstration at Stamford Bridge.
Fans and supporters groups have criticised racist comments made by Joe Ricketts, and the family’s links to the Republican Party during Donald Trump’s presidency.
The group failed to persuade the Chelsea Supporters Trust – and later made an eight-point plan including pledges not to enter the Super League, to promote diversity and inclusion, and to create a fan-led advisory committee.