Raine Group has reportedly informed Saudi Media Group that they are out of the running to buy Chelsea.
After a deadline for bidders passed last Friday, all interested parties have been waiting for the US merchant bank to put together a shortlist of candidates for the next stage.
If reports are to be believed, a number of Stateside consortiums are expected to remain in the running, and it has been revealed that other groups are now not in contention.
According to the Evening Standard, Saudi Media Group have failed with their proposal, said to be worth £2.7bn.
The report adds that Woody Johnson, the owner of the New York Jets, and London-based investment firm Aethal Partners have also been unsuccessful with their respective approaches.
At a time when Roman Abramovich is keen to part ways with Chelsea as soon as possible, the Russian billionaire is said to hold an interest in buying a Turkish club.
