Saudi Media – the biggest media group in the Middle East – have made an offer of £2.7billion to buy Premier League club Chelsea.
The West London club are desperate to secure a new owner amid a budget crisis, with their funds dictated by the British government in the wake of the sanctions imposed on Blues owner Roman Abramovich.
The billionaire has had his assets frozen in the UK in the wake of Russia's ongoing invasion of Ukraine, although he continues to deny any links to president Vladimir Putin.
On Saturday, the Premier League confirmed they had suspended Abramovich as director of the club.
The Blues are now operating under a special license - severely limiting their revenue streams - and shirt sponsors Three have suspended their partnership, worth £40million per annum.
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Barclays have also suspended the club's bank account and there's a possibility the Blues could face financial armageddon between now and the summer due to the precarious situation.
That is the context in which the club are keen to complete a sale of the club’s ownership as soon as possible.
CBS Sports now report that the Saudi Media Group have lodged an offer of £2.7billion to buy the Champions League holders.
Saudi Media’s owner Mohamed Alkhereiji is a Chelsea fan and is leading the private consortium to buy the club.
Alkhereiji is also the CEO of its parent company Engineer Holding Group - founded by his father Abdulelah Alkhereiji.
He obtained an executive master’s degree of business administration from the London-based Business School - formerly known as Cass - and previously worked as an analyst for Deutsche Bank in London, fuelling his interest in the Blues.
Saudi Media generate a reported £770million per annum while any attempt to buy the West London club is likely to be supported by a consortium of other private backers from Saudi Arabia, with no involvement from the state.
When Saudi Media’s attempts to bid for Chelsea were first outlined, their willingness to invest in redeveloping Stamford Bridge and the club’s academy at Cobham Training Centre, as well as the women's team, was said to be at the heart of their charm offensive.
Chelsea have been restricted in their ability to generate profits due to the stadium’s limited capacity – less than 42,000, significantly smaller than many rival clubs, with difficulties to upgrade it due to space and planning permissions.
Alkhereiji was behind the new, state-of-the-art stadium in Mrsool Park for Saudi Arabian club Al Nassr and it is suggested this will be a key factor in convincing the Blues that he is the right investor.
The deadline for bidders to submit rival offers for Chelsea is March 18.
