Jim Redknapp has admitted he will not give up on his latest 4. 4.25million bid for Chelsea.
Billionaire Ratcliffe, who owns a majority stake in chemical group INEOS, launched his bid to buy five Premier League titles by Friday, March 18.
In a statement, Ratcliffe called them Real Madrid, He has promised to invest ပေါင် 1.75 billion in the club over 10 years, ensuring that he maintains the same holdings as Barcelona or Bayern Munich.
Company director Tom Crotty said on Wednesday that the offer was rejected by US investment firm Raine, which is handling the sale of the club.
The UK government, which Ratcliffe has called "positive discussions", is expected to issue a new license that could allow Chelsea to sell after identifying a priority buyer.
Although he has not been able to contact Blues owner Roman Abramovich due to initial setbacks, Ratcliffe is still hoping for a deal.
"Consideration should be given to British auctions," he said.
"Rain and I got in touch and met with them last weekend. It has been offered for auction, but there has been little response from them.
"My message to Rain is not to discount our offer. We are British and have good intentions for Chelsea. If I were Raine I would not close any doors."
"It's a big decision to buy a state property and a big commitment in terms of time and money," he said.
"We have a lot of responsibilities in the long run and it takes time to reach a decision to make a full commitment," he said.
"We got there and made a promise in the end. We will not give up."