A good reason? Crucial reason why Saudi Media’s bid to buy Chelsea was rejected finally revealed
As we all know A bid from Saudi Media Group to buy Chelsea has already been rejected by Raine Group, the bank appointed by Roman Abramovich to oversee the sale of the club.
We had previously reported that Saudi Media’s desire to do due diligence on Chelsea and Chelsea’s eagerness for a quick sale counted against their bid to buy the club.
Now, A new report has now revealed another major reason why the bid from Saudi Media was rejected by Raine Group and this would definitely interest Chelsea fans.
According to a report on the Financial Times, Raine Group rejected Saudi Media’s bid to buy Chelsea because it was ‘not competitive’ and relied heavily on debt financing.
Remember the Glazers family buying Manchester United and putting the debt on the Red Devils? Well that’s what the Raine Group is avoiding for Chelsea and that is why they have now rejected the bid from Saudi Media.
Meanwhile, British property developer Nick Candy’s bid to buy Chelsea also appears to have been rejected.