The decision will arguably be the biggest in the history of Chelsea Football Club.
US bankers Raine set a deadline of Friday as D Day when they will accept bids from consortiums, billionaire tycoons and interested parties before selecting a preferred bidder.
Lifelong Chelsea fan Sebastian Coe, the mastermind behind the London 2012 Olympics, has paired up with Sir Martin Broughton and their consortium is certain to attract support from within Stamford Bridge.
But there is interest from British businessman Nick Candy as well as US sports owners from the Chicago Cubs, LA Dodgers and New York Jets as well as public declarations for billionaires from Turkey, Ghana and Saudi Arabia.
But the notion of going from a Russian oligarch to Saudi ownership amid the controversy at Newcastle might not be particularly attractive.
They are expecting at least six serious bids which may be whittled down before a decision is made about which offer is best to proceed.
Even though Friday has been set as the deadline, the selection process is almost certain to go into next week and it could be drawn out for some time yet.
The deadline has been set for buyers to provide proof of funds, their vision and business plan and also a timescale of how long it will take to complete.
It will be an exhaustive process to find a successor for Roman Abramovich who has been sanctioned by the UK Government because of his alleged links to Russian president Vladimir Putin.
Russian oligarch Abramovich has been in charge at Chelsea for 19 years, has led them to unprecedented success and now has been forced to sell after being disqualified as a director by the Premier League.
Raine have been appointed as the brokers to oversee the deal and will have to choose the best buyer not necessarily based on the biggest offer but who can provide the best long term vision for the club.
Chelsea chairman Bruce Buck and director Marina Granovskaia are likely to have some input after being reported to have met prospective buyers and will offer guidance.
They will choose the best option, then apply to the Government for a licence to facilitate the takeover and the Government will oversee the whole process to ensure that Abramovich does not profit in any way.
The proceeds effectively go into a Government holding account as they have put a freeze on Abramovich’s assets after announcing sanctions against him last week,
But now comes the biggest decision which will revolve around who to pick, whether it should be Chelsea fan or businessman or sports owner.
Raine have underlined the importance of whoever comes in must have the ambition and plans to develop Stamford Bridge as Abramovich’s plans for the 40,000 stadium have effectively been on hold for years and are seen as central to the club’s ability to compete.
Former Olympic hero Coe has been heavily involved at Chelsea, has been advising the club’s trustees until recently and his inclusion in Broughton’s bid could be key.
Coe has knowledge of being a sports administrator, has put his name and backing to Broughton’s plans and would be acutely aware of the challenges facing the club.
They are not in immediate financial danger, they are confident of being able to keep going until the end of the season by which time they are confident a new buyer will be in place.
But there must also be a concern that whoever comes next will be succeeding a Russian billionaire who bankrolled the club to success, he is owed a £1.5billion debt and was always willing to spend big to guarantee trophies.
American owners definitely have a different vision which consists of a self-sustaining model which can bring success but will be a long way from the days of Abramovich’s excess.
The Premier League will only get involved at the late stages of any takeover to oversee the Owners' and Directors' Test and that will never be as important as it is now.
