Several bidders for Chelsea Football Club were removed from the £3bn auction by the Raine Group with the shortlist significantly whittled down.
It is still uncertain whether the American bank had decided on an official shortlist but the leading contenders are known.
The consortium led by Todd Boehly, who is the LA Dodgers past-owner, which is also backed by Hansjorg Wyss, Jonathan Goldstein, Daniel Finkelstein and Barbara Charone, was one of the two frontrunners.
The other confirmed party to make the shortlist was the one led by Sir Martin Broughton, who was the former Liverpool and British Airways chairperson, and is backed by Lord Sebastian Coe, Joshua Harris, David Blitzer, Wall Street investment banker Michael Klein and Sacramento Kings owner Vivek Ranadive.
Meanwhile, a joint bid by the Ricketts family and Ken Griffin, the hedge fund tycoon, is awaiting its destiny, Sky News said.
The deal, which could be completed as soon as the end of April, must be approved by the government and the Premier League under its fit and proper ownership test.
Raine asked bidders on Wednesday to provide their future intentions on spending on the club to ensure they can afford to roughly match Roman Abramovich’s outgoings.
"They want guarantees about future capital funding for the club and stadium, and cash on the balance sheet, so that they can be certain they are picking the best future owner of Chelsea," an insider said.
Woody Johnson, New York Jets owner, and the Saudi Media Group were amongst those told their bids were unsuccessful.
Turkish businessman Mushin Barak and Aethel Partners also did not make it to the final stage of the bids.
Nick Candy, the British property developer, and Centricus, a London-based asset manager, are thought to be out of the running although it is unconfirmed.
Meanwhile, earlier this week the UK government amended the European champion’s license to allow Chelsea fans to attend Champions League games, away matches and cup ties.