- Saudi Media Group told by Raine it is not on shortlist
- Palace shareholders Harris and Blitzer in Broughton group
The process of deciding upon a new owner for Chelsea took a step forward on Thursday after a Saudi Arabian consortium was removed from the running. The Saudi Media Group, led by the Chelsea fan Mohamed Alkhereiji, was informed by Raine Group it would not be on a shortlist of preferred candidates.
The US merchant bank Raine was employed by Roman Abramovich to facilitate a quick sale of the club after the Chelsea owner was hit with sanctions by the UK government following the Russian invasion of Ukraine. The Saudi bid was never considered a leading candidate because of concerns over proving the independence of any consortium from the Saudi state, a complication that caused a lengthy delay in the approval of Newcastle United’s takeover by the Public Investment Fund, the country’s sovereign wealth fund. Saudi Media Group said it was completely separate from the state.
Continue reading...