English property tycoon Nick Candy has reportedly tabled an improved bid for the purchase of Chelsea.

Candy, who is touted as a life-long fan of the London club, submitted an initial offer before last week's deadline but is since said to have improved that thanks to new investment.

According to Evening Standard, proof of new funds has been submitted to Raine Group, allowing the 49-year-old to put up a takeover bid significantly over £2bn.

The prospective buyer said: "This remains a once-in-a-lifetime opportunity to give football back to the fans and put them at the heart of the operations and strategy of Chelsea Football Club."

Outgoing Chelsea owner Roman Abramovich, who initially set an asking price of £3bn before all assets were frozen due to his involvement in Russia's invasion of Ukraine, put in place two demands of possible parties taking over, saying that they must continue to fund the playing squad as well as a renovation of their Stamford Bridge home.

The Russian oligarch took over the club in 2003, and, after overseeing five Premier League triumphs and their first two Champions League titles, he has reaffirmed that he wants the best for the club and wants to ensure his replacement has the same viewpoint.