A Saudi consortium has reportedly made a £2.7 billion bid to buy Chelsea Football Club from Roman Abramovich, according to CBS reports. The Saudi Media Group, led by Chelsea fan Mohamed Alkhereiji, is seeking backing from Saudi royal Mohammed bin Khalid Al Saud.
The bid comes amid the ongoing sale process for the club, which was put up for sale following Abramovich's sanctions over his ties to Vladimir Putin. Potential buyers have until March 18 to submit offers, with New York-based merchant bank Raine advising Chelsea on the sale.
The Saudi Media Group is not directly owned by the Saudi government, unlike Newcastle United's owner the Public Investment Fund. However, Khalid Al Saud chairs the state-owned Saudi Telecom Company, in which the PIF holds shares. The group generates an estimated £770 million per year and requires outside backers for the bid.
Some 200 parties have expressed interest in Chelsea, with bidders required to provide proof of funds, a business plan, and a detailed background report on all investors. The Premier League and the Government are scrutinising potential owners amid concerns over human rights records, particularly following the Saudi takeover of Newcastle.
Other interested parties include British billionaire Nick Candy, who has confirmed he remains in the running. Chelsea manager Thomas Tuchel has called on the Premier League to clarify its owners and directors test during the sale process.
