The Cubs’ owners, the Ricketts family, and Griffin have formed an investment group which is set to make a formal offer for the London club on Friday.

Reuters has been told the bid does not involve Citadel, the hedge fund business, only Griffin.

The Ricketts family said they would be leading the investment group that will make the bid.

“As long-time operators of an iconic professional sports team, the Ricketts Family and their partners understand the importance of investing for success on the pitch, while respecting the traditions of the club, the fans and the community,” the Ricketts family investor group said in a statement reported by the BBC.

Chelsea were initially put up for sale by their owner Roman Abramovich following Russia’s invasion of Ukraine before sanctions were imposed on the Russian oligarch by the British government.

The European champions are currently operating under a special licence and are now effectively controlled by the British government.

Abramovich bought the club in 2003 for a reported £140 million (US$183.16 million). He had funded Chelsea via £1.5 billion in total loans through Fordstam Limited, the entity through which he owns the club.

His investment resulted in the most successful era in their history as they won five Premier League titles, five FA Cups and the Champions League twice.

Chelsea are ranked by Forbes as the seventh most valuable club in world football at US$3.2 billion.

The club is third in the league standings – 11 points behind leaders Manchester City – while it is set to play Lille in the Champions League last 16 second leg tomorrow morning.