Bates would continue at the club at a senior level but would have no say in the day-to-day running of the club after selling his 29 per cent shareholding - valued at £9million in today's market. 
If the consortium is successful it would take on Chelsea Village plc's running debts of £99.3million and would also invest a welcome £52million cash injection.
But far from sparking a flurry of activity in the transfer market there is speculation that if the deal goes ahead, some squad members could be asked to take wage cuts.
This has yet to be confirmed, but if it were to happen, it would be the first time such demands have been made in the Premiership.
However “Rotch Property”, the company named as potential buyers of Chelsea by the Evening Standard, have completely disassociated themselves with the story. A company spokesman said, "Robert Tchenguiz and his brother Vincent have categorically denied absolutely any involvement whatsoever."
He continued, "The Evening Standard ran a story that Rotch, the company I represent were interested in buying a bit of Chelsea. Rotch is a private company and we are now putting out the following statement:
Responding to reports in today's Evening Standard, Robert Tchenguiz, joint Chairman of the Rotch Property Group said, "Rotch has never had any dealings with Chelsea and I'd like to make it clear beyond doubt that Rotch is not and never has been interested in taking any stake in Chelsea Village. We have no further comment to make beyond rejecting absolutely the speculation surrounding Rotch and Chelsea."
The spokesman added, “It couldn't be any more categorical than that.”
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