Saudi Media Group reacts to their takeover bid bring turned down

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According to Financial Times, the bid by the Saudi Media Group to take over at Chelsea was the club owner Roman Abramovich. The bid by the Saudi Media Group was not competitive and relied heavily on debt financing.

With Roman Abramovich putting the club up for sale last month. The Saudi Media Group were linked with the takeover straight away. The club reportedly bid £2.7billion for the European champions. The bid was led by Mohamed Alkhereiji. Reports suggest that Mohamed Alkhereiji and his kids are massive Chelsea fans.

The Media Group had already outlined plans if their bid for the takeover at the club was completed. They planned to give new contracts to important players who are out of contract next summer. New contracts for Cesar Azpilicueta and Antonio Rudiger were on the agenda. While investment into the academy and women’s side were also on the table. Redevelopment of their home ground Stamford Bridge stadium was also on the agenda.

The Media group did not include their country’s own ‘government’ in their bid for the European champions. But the Chelsea faithful were quite doubtful about the Saudi Media Group’s takeover bid. It seems the Chelsea owner Roman Abramovich has turned down the mod from the Saudi Media Group.

According to Guardian journalist Jacob Steinberg, the Raine group have informed the Saudi Media Group about their takeover bid being turned down and that they are not on the final shortlist of bids.

Saudi Media Group’s reaction

With the Saudi Media Group’s bid turned down. Director Khalid Al Khudair, who was involved in the takeover bid reacted to the bid being turned down on Twitter. Firstly, The director confirmed that their bid was turned down. He also talked about his disappointment. But he did say that he will continue to support the blues.

As things stand, two final bids are being considered by the club for the takeover. Firstly, The first bid is by an investor group led by Todd Boehly. Secondly, a consortium led by US billionaires Josh Harris and David Blitzer. The UK Government also pushing the club to be sold as quickly as possible. The Chelsea faithful will be hoping that the takeover is completed in the next few weeks and they can start planning for the future.

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