The owners of the Chicago Cubs said Wednesday that they will make a bid to buy Premier League club Chelsea.

The Ricketts family went public with its interest in the buyout with Chelsea owner Roman Abramovich forced to sell up after he was sanctioned by the British government and banned by the Premier League.

In a statement released by a London-based communications firm, the Ricketts family said it was leading an investment group that will make its formal bid for the reigning world and European champions on Friday.

“As long-time operators of an iconic professional sports team, the Ricketts family and their partners understand the importance of investing for success on the pitch, while respecting the traditions of the club, the fans and the community,” the statement said. “We look forward to sharing further details of our plans in due course.”

The British government now has oversight of the buyout process which the Raine Group, an investment bank, has been working on since Abramovich last week announced, before having his assets frozen, that the west London club was up for sale.

Anther consortium weighing a bid features Todd Boehly, part owner of the Los Angeles Dodgers, Swiss billionaire Hansjorg Wyss and Jonathan Goldstein, a London-based property investor who is CEO of Cain International.

British property developer Nick Candy has also expressed an interest in bidding.