Saudi Media – the biggest media group in the Middle East – have finally made a bid of £2.7billion to buy Premier League club Chelsea.
The London side are desperate to secure a new owner amid a budget crisis, with their funds dictated by the British government after the sanctions imposed on Blues owner Roman Abramovich.
The billionaire has had his assets frozen in the UK in the wake of Russia’s ongoing invasion of Ukraine, although he continues to deny any links to Vladimir Putin.
On Saturday, the Premier League confirmed they had suspended Abramovich as director of Chelsea.
The Blues are now operating under a special license – which is limiting their revenue streams – and shirt sponsors Three have suspended their partnership, worth £40m per annum.
Barclays have also suspended their bank account and there’s a possibility they could face financial armageddon between now and the summer due to the precarious situation.
That is the context in which the Blues are keen to complete a sale of the club’s ownership as soon as possible.
CBS Sports now claim that the Saudi Media Group have made an offer of £2.7billion to buy the Champions League holders.
Saudi Media’s owner Mohamed Alkhereiji is a huge Chelsea fan and is leading the private consortium to buy the club.
Alkhereiji is also the CEO of its parent company Engineer Holding Group – which was founded by his father Abdulelah Alkhereiji.
Saudi Media generate a reported £770m per annum while any attempt to buy the London club is likely to be supported by a consortium of other private backers from Saudi Arabia, with no involvement from the state.
When Saudi Media’s attempts to bid for Chelsea were first outlined, their willingness to invest in Stamford Bridge and their academy at Cobham Training Centre, as well as the women’s team, was reported to be at the heart of their charm offensive.
