Ken Bates has revealed four bidders were plotting a Chelsea takeover before Roman Abramovich won the race with a colossal cash injection of £200 million sterling - far higher than previously thought.
Blues chief Bates disclosed he had been searching for investors for 12 months, and three others aside from the Russian billionaire were interested.
But the Stamford Bridge chairman says he took just 45 minutes to be convinced by Abramovich once he discovered the enormous figures in his takeover package.
The 36-year-old paid an initial £29.6 million for 50.09 per cent of Chelsea Village's shares and will invest almost £30 million again for the remaining stock.
Next up is clearing the company's debt - estimated at £80 million - and pumping another £50 million into the club.
Bates told talkSPORT: "Roman is putting £200 million into the club in total. Do you think he'd spend that just to pour it into the Thames?
"That demonstrates this guy means business and have we got a great future now," added Bates. "Roman wanted to get involved in Premiership football and looked at four clubs - but thought we were head and shoulders above the others".
The Chelsea chairman has retained his position on the football club board and a reduced Chelsea Village board, which is soon to comprise three of Abramovich's cohorts.
Bates was also keen to emphasise his power has not been eroded by the Russian's arrival - because he says he never called all the shots anyway.
"Contrary to the popular conception, I've never been the total decision maker," he added. "It's always been the board reaching a consensus".