Chelsea FC stadium, Stanford Bridge. [Courtesy]

A consortium led by Chicago Cubs owners, the Ricketts family has pulled out of the running to buy Premier League club Chelsea.

The final bids for Chelsea, which was put up for sale by owner Roman Abramovich were submitted on Thursday.

The sale of the London club came as a result of the sanctions imposed on the oligarch by the British government following Russia’s invasion of Ukraine.

The Ricketts family, who had partnered with U.S. billionaires Ken Griffin and Dan Gilbert, submitted a cash-only offer and had been included on the four-bid shortlist produced by U.S. Bank Raine Group.

The Bank Raine Group is overseeing the sale process.

“The Ricketts-Griffin-Gilbert Group has decided, after careful consideration, not to submit a final bid for Chelsea F.C,” the statement read.

“In the process of finalising their 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.”

The Ricketts family’s surprise withdrawal leaves groups led by LA Dodgers part-owner Todd Boehly, former Liverpool chairman Martin Broughton and Boston Celtics co-owner Steve Pagliuca as the remaining Chelsea bidders.