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Saudi Media Group Table £2.7bn Bid To Buy Crisis-Hit Chelsea

Saudi Media Group Table £2.7bn Bid To Buy Crisis-Hit Chelsea

Saudi Media Group on Monday tabled a £2.7billion bid to purchase crisis-hit Chelsea from Russian billionaire Roman Abramovich.

The largest media organisation in the Middle East – Saudi Media Group is led by Chelsea fan Mohamed Alkhereiji.

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And according to CBS, it is now seeking ‘support in finding funding and backers from Saudi royal Mohammed bin Khalid Al Saud.

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Though yet to be confirmed, it is likely to be controversial given the well documented human rights abuses taking place Saudi Arabia.

The Saudi Media Group is not directly owned by the Saudi government, unlike Newcastle FC’s owner the Public Investment Fund (PIF). However, Khalid Al Saud is chair of the state-owned Saudi Telecom Company, in which the PIF owns shares.

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Mohamed Alkhereiji has previously attended matches at Stamford Bridge and attended the University of London’s Cass Business School, now renamed the Bayes Business School.

Saudi Media generates an estimated £770million per year, hence the need to bring in outside backers.

Some 200 different parties have already expressed interest in purchasing Chelsea, with all potential buyers asked to submit a detailed background report on all investors amid the growing concerns over appropriate club ownership.

Those intent on making an offer ahead of the March 18 cut off are also being asked to file details of their motives for the club moving forward as they enter the official bidding process.

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