NBA chief joins Pagluica's Chelsea bid who welcomes backing from Terry-led group

Pagliuca, co-owner of basketball team Boston Celtics, also welcomed the endorsement from True Blues Consortium, a group that has the support of former club captain John Terry.

Pagliuca, 67, is one of the four bidders in the running to purchase the club after it was put up for sale by Roman Abramovich - who has been sanctioned by the UK government.

Alongside Tanenbaum, the owner of the Canadian company Maple Leaf Sports and Entertainment (MLSE), Pagliuca has also announced his other bidding partners: former Disney chief executive Bob Iger, Facebook co-founder Eduardo Saverin, and businesswoman Elaine Saverin.

Golden State Warriors, LA Dodgers and Los Angeles FC co-owner Peter Guber, B Capital founder Raj Ganguly, venture capitalist Jim Breyer, investor John Burbank and tech entrepreneur Div Turakhia are also involved.

In a statement released on Wednesday, Pagliuca said: "Larry is a world-class individual who is highly regarded in the global sports community, and his experience in sports governance, his long-term perspective, and civil construction expertise are tremendous assets for our group."

Canadian Tanenbaum's vast experience in sports franchise administration offers a clear boost to Pagliuca's bid for the Blues.

His company, MLSE, owns NHL's Toronto Maple Leafs, the NBA's Toronto Raptors and Major League Soccer's Toronto FC.

"The decision to partner with Steve was an easy one as we share similar values and passion for sports," Tanenbaum said.

"Once we started speaking, it was clear that we share the same long-term vision and goals for Chelsea Football Club.

"I can reassure Chelsea supporters that both Steve and I are committed to supporting a championship-winning team, building a state-of-the art stadium at Stamford Bridge, investing in our academy and women's teams, and making a real difference in the community.

"I am excited by the potential future for Chelsea Football Club."

Raine Group, the American bank in charge of processing the bids, will receive final offers on Thursday, with a sale expected to be completed in May.

LA Dodgers part-owner Todd Boehly and British business titan Jonathan Goldstein, Sir Martin Broughton and Lord Sebastian Coe, and the Chicago Cubs-owning Ricketts family, which has brought protests from the club's fans, are the other competitors to buy the Stamford Bridge outfit.

Pagliuca also welcomed endorsement from the True Blues Consortium, which is backed by former Chelsea captain Terry, the group aiming to buy a 10 per cent stake from the club's eventual new owners to ensure fan representation.

"We are thrilled to have such an accomplished group of individuals who are committed to the long-term interests of Chelsea Football Club," Pagliuca said.

"We appreciate this opportunity and would be honoured to create an exciting future for this great football club."