Roman Abramovich has rejected a massive offer to buy Chelsea from US financier Todd Boehly as it fell short of his £3billion valuation.
Boehly, who owns the LA Dodgers Major League Baseball team, is the latest interested party in the Premier League club.
According to the Financial Times, he had a bid rejected by Abramovich, though the specific price is unknown.
Boehly has made his fortune as founder of Eldridge Industries after leaving Guggenheim Partners with huge investments in media, sport and property.
He was educated at the London School of Economics and Eldridge is said to be worth £4.72bn.
The American may test the water with a follow-up bid, as Abramovich's future with the club he bought in 2003 is uncertain.
A number of prospective buyers were understood to have approached the Russian last year after he took Israeli citizenship with rising tensions between his homeland and the UK meaning his investor visa application was delayed.
He had been planning on building a new state-of-the-art £500m stadium to replace Stamford Bridge but that has now been shelved.
Boehly's attempted takeover is the latest American foray into the Premier League and follows investment group Silver Lake acquiring a £500million stake in City Football Group.
Abramovich used US merchant bank, Raine, to perform a strategic review of the club last year and Silver Lake were among those to have made an offer.
It is understood that Boehly has been undeterred by the rejected bid and is still eager to strike a deal.
If Abramovich was to leave, he would depart as the most successful owner in the club's history. The Blues have won the Premier League five times, the FA Cup five times, three League Cups, the Europa League and the Champions League.
