The owners of the Chicago Cubs have ended their bid to purchase Chelsea FC of the Premier League.

The bid was being led by Cubs chairman Tom Ricketts.

"The Ricketts-Griffin-Gilbert Group has decided, after careful consideration, not to submit a final bid for Chelsea FC," the group said in a statement. "In the process of finalising their proposal, it became increasingly clear that certain issues could not be addressed given the unusual dynamics around the sales process.

"We have great admiration for Chelsea and its fans, and we wish the new owners well."