The tennis champion and Formula One star are looking to be part of the ownership group that includes World Athletics president Sebastian Coe and other investors worldwide. Reports say the two athletes have each pledged just over $13 million.
The list of bidders to buy the Premier League powerhouse includes the L.A. Dodgers part-time owner Todd Boehly and Boston Celtics co-owner Steve Pagliuca.
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If Williams acquires Chelsea, it will be an addition to her investment in the Los Angeles' Angel City FC – a sector of the National Women’s Soccer League.