Candy is believed to have submitted a bid of over £2 billion ($2.6 billion) for his boyhood group before Friday's deadline and he promised to provide fans a 'golden percentage' ownership stake.
On a frantic day at Stamford Bridge, former Liverpool chairman Martin Broughton and World Athletics president Sebastian Coe also lodged a joint bid.
Chicago Cubs owners the Ricketts own family observed fit, whilst LA Dodgers co-proprietor Todd Boehly's consortium also made a confirmed bid.
There are reported to be numerous other firm bids on the table, however Candy is a front runner.
Candy issued a lengthy declaration in confirming the submission of his bid, vowing to write off the mortgage to Chelsea Pitch Owners to protect the Blues' destiny at Stamford Bridge.
The 49-year-vintage has promised a total protection of the stadium, where his belongings know-how may want to come to the fore.
Candy has teamed up with South Korean companies Hana Financial Group and C&P Sports Group in his Blue Football Consortium.
"Chelsea is one of the most iconic and a hit professional football golf equipment inside the international, with a rich background, international following, and a exceedingly valuable logo," Candy stated.
"Football golf equipment are vitally essential network and cultural assets, and this is a once-in-a-lifetime possibility to present football again to the lovers and placed them at the heart of the operations and method of a main international football membership.
"I consider Chelsea has all of the fundamentals to come to be the maximum treasured and revered sports membership in the world and a pressure for the extra excellent in everything it does."
