Saudi Media Group ‘are OUT of the race to purchase Chelsea’ as the Raine Group narrow down offers to final shortlist to buy club from Russian oligarch Roman Abramovich
The Saudi Media Group have reportedly been told they are not part of a final shortlist in the sale of Chelsea Football Club.
Russian oligarch Roman Abramovich announced his decision to sell the club shortly before he was sanctioned by the UK government as a result of his ties to president Vladimir Putin.
He appointed US bank The Raine Group to oversee the process and even in spite of the sanctions placed on Abramovich, they have been able to continue the process and are preparing to name three final offers.
The Guardian report that the Saudi Media Group is ‘disappointed not to make it through’ to the final shortlist.
They add that SMG is ‘willing to support other consortiums that are selected’ with the belief that Chelsea needing a quick sale as the reason for their snub by the Raine Group.
More to follow.
The bidding window for potential suitors hoping to buy Chelsea closed at 9pm on Friday
There has been an urgency for a quick sale following the sanctioning of Roman Abramovich
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