Chelsea £3bn takeover cut down to two bidders

Seb Coe is among the frontrunners as the race to buy Chelsea hots up. The Olympic track legend and diehard Blues fan is part of a consortium going head-to-head with American Todd Boehly.

Several bidders were told on Thursday they had not made the shortlist to take over at the crisis-hit Premier League giants.

They included former US diplomat Woody Johnson, the Saudi Media Group, London finance firm Aethel and colourful Turkish investor Muhsin Bayrak.

Individual groups have been steadily learning their fate over the last 24 hours as a process of elimination begins to find new owners for one of the biggest clubs in world football.

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A controversial bid by Chicago Cubs’ owner Tom Ricketts has been opposed by some fans after historic Islamaphobic emails from a member of the family resurfaced.

But while this has affected the Ricketts’ bid, last night they were still optimistic of making the second round of bidding.

The whittling down of contenders is expected to continue on Friday with hopes a sale of £3billion-rated Chelsea can go through by the end of this month.

Ex-Tory MP Coe has teamed up with former Liverpool chairman Martin Broughton plus US billionaires Josh Harris and David Blitzer, who own the Philadelphia 76ers basketball team.

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Boehly and his partner Hansjorg Wyss are emerging as favourites to become preferred bidder in a takeover battle which has rocked the sporting world.

Chelsea are being forced into a sale after owner Roman Abramovich was sanctioned by the US Government over his links to Russian leader Vladimir Putin.

Around 30 different groups have made offers and New York based bankers Raine are sifting through the proposals.

Vocal Chelsea supporter and property tycoon Nick Candy made a highly public pitch to assume control of his beloved club.

Questions about his financial muscle have been raised even though he claimed to have secured extra funding from a South Korean investment firm.

A source close to the bidding process told SunSport: “Nick has gone quiet and that’s unusual for him.”