Chelsea should soon discover who the Premier League club's next owners will be, with American bank Raine set to reveal its preferred bidder among the three remaining offers this week.
Raine was commissioned to lead the sale process by Roman Abramovich before the Russian billionaire was hit by UK government sanctions last month over his alleged connections to Vladimir Putin following Russia's invasion of Ukraine.
The European and world champions have since been operating under a special licence that limits their ability to sell tickets, merchandise and operate in the transfer market.
Chelsea won 19 major trophies during Abramovich's 19-year reign and could add another when they face Liverpool in next month's FA Cup final.
However, the impact of the sanctions is beginning to show, with rows of empty seats in the home end for Arsenal's 4-2 win at Stamford Bridge on Wednesday.
The club also cannot offer new contracts, with defenders Antonio Rudiger and Andreas Christensen likely to leave at the end of the season on free transfers.
The hope is that new owners will be in place by the end of the campaign.
None of the three bids is expected to run into trouble passing the Premier League's owners' and directors' test or seeking UK government approval.
Soft loans totalling £1.5 billion ($1.9 billion) from Abramovich have fuelled Chelsea's success over the past two decades but he will not claim that money back and will not receive funds from the sale while sanctioned.
Chelsea's major trophies of the Abramovich era
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1) League Cup, February 2005: Chelsea won their first trophy under Roman Abramovich by defeating Liverpool 3-2 after extra time in the 2003 League Cup final. John Arne Riise scored early for Liverpool before a Steven Gerrard own goal sent the game into extra time. Didier Drogba and Mateja Kezman made it 3-1 to Chelsea and Antonio Nunez pulled one back for Liverpool. The Abramovich era had begun. AFP -
2) Premier League, 2004/05: Jose Mourinho lived up to his self-appointed 'Special One' tag by guiding Chelsea to their first Premier League title and first top-flight title in 50 years. The Blues marched away with the league, finishing 12 points clear and losing just once. AFP -
3) Premier League 2005/06: Back-to-back titles for the Blues who were once again head and shoulders above their rivals, finishing eight points ahead of runners-up Manchester United. Getty Images -
4) League Cup, February 2007: Trophy No 4 was delivered at the Millennium Stadium in Cardiff, where Chelsea beat Arsenal 2-1 in the final. Theo Walcott put the Gunners in front but a Drogba double ensured the Blues emerged victorious. AFP -
5) FA Cup, May 2007: Chelsea missed out on the league title but finished the season with the Cup double, beating Manchester United 1-0 after extra time, courtesy of another Drogba goal. AFP -
6) FA Cup, May 2009: Interim manager Guus Hiddink left his mark on Chelsea by guiding the club to an FA Cup triumph. After falling behind to a first-minute Louis Saha goal, Chelsea fought back through Drogba and Frank Lampard to defeat Everton 2-1. AFP -
7) Premier League, 2009/2010: After three years without a league title, Chelsea came roaring back to win the 2010 trophy. Following the dogged and pragmatic style under Mourinho, Carlo Ancelotti got the team playing with flair as the Blues scored 103 goals and won the title by one point ahead of Manchester United. AFP -
8) FA Cup, May 2010: Chelsea successfully defended the FA Cup with a 1-0 win over Portsmouth. No prizes for guessing the matchwinner as Drogba struck to secure the double. AFP -
9) FA Cup, May 2012: After the ill-fated spell of Andre Villas-Boas, former Chelsea midfielder Roberto Di Matteo came in to steady the ship. Steady the ship he did as Chelsea beat Liverpool 2-1 in the FA Cup final. Ramires and Drogba scored Chelsea's goals before Andy Carroll pulled one back for Liverpool. AFP -
10) Uefa Champions League, May 2012: The 10th trophy under Abramovich and the one the Russian craved above all others. Chelsea were crowned European champions in improbable style, riding their luck to defeat Bayern Munich on penalties inside the German club's own stadium. Drogba's header levelled five minutes after Thomas Muller had put Bayern in the lead to force extra time, where Arjen Robben then missed a penalty. It was then left to the main man Drogba to seal it from the penalty spot. AFP -
11) Uefa Europa League, May 2013: A disappointing Champions League campaign saw Chelsea drop into the Europa League, but the Blues made their superiority count in Europe's second-tier tournament. Fernando Torres gave Chelsea the lead in the final, before Oscar Cardozo equalised from the spot. Branislav Ivanovic secured the trophy with the winner in injury time. AFP -
12) League Cup, March 2015: The return of Mourinho brought with it more domestic success, starting with a third League Cup under Abramovich. Chelsea claimed a 2-0 victory over Tottenham in the final, John Terry and Diego Costa with the goals. AFP -
13) Premier League, 2014/15: Mourinho secured a double as Chelsea won their first league title in five years. It was a convincing season for the Blues, who finished eight points clear of runners-up Manchester City. AFP -
14) Premier League, 2016/17: Antonio Conte announced himself to English football with a remarkable debut season as Chelsea manager, guiding the club to the title and a then record 30 league wins. The Blues were seven points clear of second-placed Tottenham. AFP -
15) FA Cup, May 2018: Two seasons, two trophies for Conte as Chelsea defeated Manchester United 1-0 in the FA Cup final, Eden Hazard scoring the only goal of the game from the penalty spot. It proved Conte's last game in charge. AFP -
16) Uefa Europa League, 2018/19: Maurizio Sarri's brief time in charge is not remembered all that fondly but the Italian did deliver silverware with an emphatic 4-1 win over rivals Arsenal in the final after goals from Olivier Giroud, Pedro and a Hazard double. Alex Iwobi grabbed a consolation for Arsenal. AFP -
17) Uefa Champions League, May 2021: Thomas Tuchel wrote his name into Chelsea folklore by guiding the club to the Champions League title just five months after taking charge. Kai Havertz scored the only goal of the game against a much-favoured Manchester City side. AFP -
18) Fifa Club World Cup, February 2022: As part of the privilege of being European champions, Chelsea competed in the Club World Cup in Abu Dhabi last month. The Blues lived up to their billing, defeating Palmeiras 2-1 after extra time in the final. Romelu Lukaku put Chelsea ahead only for Raphael Veiga to level from the spot. Havertz then converted a penalty deep in extra time to clinch it. If being crowned world champions proves to be the final achievement of Abramovich's era, it is a fitting tribute. AFP
Despite those losses and the need for an expensive stadium upgrade to match their status as one of Europe's top clubs, the sale is set to attract a world-record fee for a sports club of an estimated £2.5 billion.
Swiss billionaire Hansjoerg Wyss, who is part of one of the three remaining consortiums bidding for Chelsea, first broke the news of Abramovich's desire to sell in an interview with newspaper Blick.
However, it is American Todd Boehly, co-owner of Major League Baseball franchise the Los Angeles Dodgers, who is leading their bid along with British lawyer Jonathan Goldstein.
Goldstein's loyalties as a Tottenham fan have presented a red flag for some Chelsea fans, but Boehly has credibility with his ownership of the Dodgers, who won a first World Series for 32 years in 2020. He has also overseen a significant stadium redevelopment at Dodger Stadium and modernisation will be needed at Stamford Bridge.
The second of the three bids is led by Martin Broughton, who brings formidable football and business experience to the table as a former chairman of Liverpool and British Airways.
However, it is a collection of sports stars he has assembled that has caught the eye in his bid. Seven-time Formula One world champion Lewis Hamilton and tennis great Serena Williams have reportedly pledged to invest millions into Broughton's consortium.
"When I heard about the opportunity, I was like wow," Hamilton said. "This is a great opportunity to be part of something so great."
World Athletics president Sebastian Coe, a Chelsea fan, would also take a seat on the board if the bid were successful.
The major financial investment for the bid does cause a headache for the Premier League as it comes from Josh Harris and David Blitzer, who own a stake in Crystal Palace. Harris and Blitzer would have to sell their shares in Palace before being cleared to be part-owners of Chelsea.
The third and final remaining bid is spearheaded by co-owner of NBA team Boston Celtics and Serie A club Atalanta, and co-chairman of Bain Capital, which has $160 billion in assets, Stephen Pagliuca. The American was the last of the bidders to go public with his interest.
He has secured the support of the True Blues Consortium, a Chelsea supporters group that includes former captain John Terry.
There is even more sports business experience among his consortium. Larry Tanenbaum owns stakes in Toronto's ice hockey, basketball and football teams as well as being chairman of the NBA.
Pagliuca only bought into Atalanta in February, paying a reported $450 million for a 47 per cent stake.
