We bleed Blue! Saudi Media director finally reacted after Raine group rules them out of Chelsea takeover
It has now been finally confirmed that Raine Group, the merchant in charge of selling Chelsea FC have rejected the bid from SMG.
However, The Saudi offer was believed to be one of the biggest, but Raine insists it didn’t meet many of its criteria.
One of the factors that went against the SMG bid was the potential difficulty in passing the fit and proper persons test – with Saudi’s Public Investment Fund taking a year to get approval to buy Newcastle United, whereas Chelsea are in need of a quick sale.
SMG director Khalid Al Khudair, who also happens to be a Chelsea fan, has confirmed that the bid had been unsuccessful on Thursday.
He tweeted: “We did our best. Disappointed, but we will continue to bleed blue.”