LA Dodgers owner Todd Boehly and private equity tycoons Josh Harris and David Blitzer become frontrunners

Two bids backed by US billionaires have become the frontrunners to win the £3bn race to purchase Chelsea Football Club, which is rushing to replace its Russian oligarch owner Roman Abramovich, who has been hit with sanctions.

California-based investment firm Clearlake Capital, which has more than $60bn in assets under management, is providing financial backing for Boehly’s bid. The Boehly group is working with Goldman Sachs.

Chelsea’s revenue totalled £434mn in the year ended June 2021, up from £407mn a year earlier, bolstered by winning the Champions League.

Read more: FT