Saudi Media Group ‘are OUT of the race to purchase Chelsea’

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.  

Goal 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. 

It is believed that Mohamed Alkhereiji, a lifelong Chelsea fan who was leading the private Saudi consortium, submitted an offer in the region of £2.7billion.

It was reported earlier this week that Chelsea could receive the highest ever price to purchase a sports team with a bid of over £3bn. 

Chelsea have been hit hard by the sanctions are are not currently permitted to buy players, agree new contracts, sell match day tickets and their away day travel budget has been capped at £20,000 – with the club given a special licence to continue to their desperate search for new ownership.  

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

Sportsmail previously revealed there is an expectancy that Todd Boehly’s consortium will make the shortlist, while the fact members of the Ricketts Family have committed to flying over to England to meet supporters indicates they are confident of making the final cut. 

The consortium led by Sir Martin Broughton and Lord Coe, which is set to be heavily financed by current Crystal Palace shareholders Josh Harris and David Blitzer, are considered among the favourites to be shortlisted. 

The group led by Nick Candy remain hopeful of making the final three or four; while Centricus, a consortium fronted by Chelsea season ticket holders, and New York Jets owner Woody Johnson are also hoping to be part of the shortlist. 

The Ricketts Family this week moved to defuse growing tensions towards their bid to buy Chelsea, insisting they are not racist. 

Patriarch of the family Joe Ricketts was forced to apologise for describing Muslims as an ‘enemy’ in leaked emails.

But a statement for the Ricketts Family read: ‘Our family rejects any form of hate in the strongest possible terms. Racism and Islamophobia have no place whatsoever in our society. We have developed deep and abiding partnerships with the Muslim community in Chicago, as well as with all communities of colour.

‘Respect for diversity and inclusion are central to our family’s values. If we prevail in our bid for Chelsea, we commit to the Club and to the fans that we will actively promote these values.’ 

More to follow.