Detroit billionaire Dan Gilbert, who was part of a group bidding to buy Chelsea, a Premier League soccer club, has dropped out of the bidding war.
Gilbert, who along with Chicago Cubs chairman Tom Ricketts and American investor Ken Griffin, were one of many bids in play for buy Chelsea after an enforced sale of the club by sanctioned Russian owner Roman Abramovich.
The group did not directly address the “issues” that prevented them pursuing the bid ahead of Thursday’s deadline for final submissions.
“The Ricketts-Griffin-Gilbert Group has decided, after careful consideration, not to submit a final bid for Chelsea FC,” the group said in a statement. “In the process of finalizing 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 remaining three known bids also involve North American sports team investors.