British billionaire businessman, Sir Jim Ratcliffe, has made a late bid of £4.25bn to buy Chelsea.
Chelsea owner, Roman Abramovich, put the club up for sale before he was sanctioned for his alleged links to Russian President, Vladimir Putin, following the invasion of Ukraine.
Three bidders were in the running to buy Chelsea for about £2bn.
Ratcliffe's bid would mean £1.75bn invested into the club over 10 years.
A further £2.5bn has been committed to a charitable trust to support victims of the war in Ukraine.
Ratcliffe, 69, founded chemicals group Ineos in 1998. The company is best known in the sporting world for its sponsorship of British cycling outfit Team Ineos.
"This is a British bid, for a British club," read an Ineos statement.
"We will invest in Stamford Bridge to make it a world-class stadium, befitting of Chelsea FC. This will be organic and ongoing so that we will not move away from the home of Chelsea and risk losing the support of loyal fans.
"We will continue to invest in the team to ensure we have a first-class squad of the world's greatest players, coaches and support staff, in the men's and women's games.
"And we hope to continue to invest in the academy to provide opportunity for talented youngsters to develop into first class players."
Chelsea are operating under a special licence from the UK government which ends on 31 May, but on Thursday Culture Secretary Nadine Dorries said the club were on "borrowed time" to complete the sale.
The three consortiums already in the running to buy Chelsea are headed by Sir Martin Broughton, Los Angeles Dodgers co-owner Todd Boehly and co-owner of the Boston Celtics Stephen Pagliuca.
Ineos said: "We believe that London should have a club that reflects the stature of the city. One that is held in the same regard as Real Madrid, Barcelona or Bayern Munich. We intend Chelsea to be that club.
"We are making this investment as fans of the beautiful game - not as a means to turn a profit.
"The club is rooted in its community and its fans. And it is our intention to invest in Chelsea FC for that reason."
Latest Stories
-
AgriTech challenge pro holds first pitch
1 min -
UNIDO commits to improving local rice standards
2 mins -
Suleja prison: 108 inmates on the run in Nigeria
5 mins -
We object to government’s plans to make BEST sole off-taker of Sentuo Oil Refinery – CBOD
13 mins -
Burkina Faso army massacred 223 villagers in revenge attack – HRW
22 mins -
Germany detains alleged Nigerian mafia members
26 mins -
Manhyia Palace hosts royals, dignitaries from Ghana and beyond at special Awukudee
33 mins -
Celestine Donkor speaks on report of undergoing weight loss surgery
56 mins -
Bright Simons: The SML defence “falls flat”
1 hour -
We need long term macroeconomic stability to build a strong and vibrant economy – Deloitte Boss
1 hour -
Adomaa Adjeman to make theatre debut as Aku Sika in Prof Martin Owusu’s epic
1 hour -
U.S. government supports Ghanaian partners to protect Intellectual Property
1 hour -
Eric Johnson
1 hour -
Tanzania denies abuse reports as World Bank halts funds
1 hour -
2024 polls: The person I defeated twice can’t succeed me – Akufo-Addo
2 hours