The Ricketts family have confirmed that they have withdrawn their bid to buy Chelsea.
The group faced significant backlash from supporters for Islamophobic comments made by Joe Ricketts in the past, with fans protesting on social media and before matches outside Stamford Bridge.
While they had remained determined to win over the Chelsea fanbase and continue with their bid, the Ricketts' have now confirmed that they declined to submit a final offer before Thursday's deadline passed.
The issues are understood to have revolved around the composition of the final bid. The Ricketts' had planned to partner with US billionaires Ken Griffin and Dan Gilbert, but things have now fallen apart.
“The Ricketts-Griffin-Gilbert group has decided, after careful consideration, not to submit a final bid for Chelsea FC,” said a statement released to PA Sport.
“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.”
It is understood that the protests against the Ricketts' did not play any part in their decision to withdraw from the bidding process.
The decision leaves LA Dodgers co-owner Todd Boehly, Sir Martin Broughton and Boston Celtics co-owner Steve Pagliuca as the only three bidders left.