Saudi Media Group table £2.7bn bid to buy crisis-hit Chelsea FC
A Saudi Media Group has made an offer to buy Chelsea Football Club from Russian billionaire Roman Abramovich for £2.7 billion. The Saudi Media Group, which is controlled by Chelsea supporter Mohamed Alkhereiji, is the Middle East’s largest media company.
According to CBS News, the organization filed the petition on Monday, March 14, and is now seeking Saudi monarch Mohammed bin Khalid Al Saud’s help in obtaining financing and investors.
Unlike Newcastle FC’s owner, the Public Investment Fund, the Saudi Media Group is not directly controlled by the Saudi government (PIF). Khalid Al Saud, on the other hand, is the chairman of the Saudi Telecom Company, which the PIF has shares in.
Mohamed Alkhereiji, a billionaire businessman, had previously attended matches at Stamford Bridge and studied at the University of London’s Cass Business School, which has since been renamed the Bayes Business School.
Saudi Media, his firm, generates an estimated £770 million per year, necessitating the need for further funding.
Due to mounting worries about proper club ownership, all potential purchasers have been requested to submit a full background study.
Those planning to make an offer before the March 18 deadline are also being requested to disclose details about their motivations for the club as they move forward in the official bidding process.
Due to sanctions imposed by the UK government for his association with Russian President Vladimir Putin, who has been involved in a two-week war with neighboring Ukraine, club owner Roman Abramovich may not be able to receive payments from the club.