Saudi Media Group OUT of race to buy Chelsea as offers are narrowed down to a final shortlist

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.

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