Revealed: Why Raine group rejected Saudi media’s bid to buy Chelsea
The Saudi Media Group fronted by Chelsea fan Mohamed Al Khereiji offered more £2billion to buy Chelsea plus over £200m for immediate working capital.
However, It has been confirmed that Saudi Media Group has not made a shortlist of consortiums aiming to buy Chelsea despite their competitive offer to buy the club.
Meanwhile, the Saudi consortium was informed it had not made the next stage on Thursday.
According to BBC, Saudi Media’s desire to do due diligence on Chelsea and Chelsea’s eagerness for a quick sale counted against Saudi Media’s bid.
Some of the other bids have already done due diligence based on their previous interest in buying the club.
It is understood that bids are being assessed on their valuation of the club, their working capital commitment, their source of funds, the speed and certainty with which they can close the transaction and their background in sport.