US billionaire Steve Pagliuca says he'll be submitting a "substantial and credible" offer for Chelsea later this week - and is confident it'll meet the government's requirements.

He's heading one of four shortlisted consortiums which are attempting to take over the Premier League club from Roman Abramovich, who's been sanctioned over Russia's invasion of Ukraine.

Pagliuca's pledged to continue the team's success and renovate or redevelop Stamford Bridge.