CEO of the Ineos Group, Sir Jim Ratcliffe’s bid to buy Chelsea has been “rejected out of hand”.
However, Sky Sports reports the 69-year-old remains interested in buying the Premier League club.
Ratcliffe, who is widely regarded to be Britain’s richest person, submitted a last-minute £4.25 billion bid to buy the Blues on Friday.
However, it is understood that Ratcliffe has not engaged in the process which has been out by the Raine Group and that makes it difficult for his bid to be considered.
A consortium led by American businessman Todd Boehly has been picked as the preferred bidders by the Raine Group.
They have until the end of this week to finalise the terms of an agreement to buy the club.