The Saudi Media Group are thought to be out of the running in the race for Chelsea ownership after being told by bankers Raine Group they have not been included on the list of preferred bidders.
American merchant bank Raine are currently overseeing the sale of the Blues alongside the UK Government and are reportedly after a sale as quick as possible, something the Saudi Media Group were not able to provide.
However, while the Saudis are disappointed that their efforts have not resulted in any success, they are rumoured to be willing to help whichever consortium is eventually selected.
The group's plans if they were granted ownership status included redeveloping Stamford Bridge and extend a number of contracts for first-team stars such as Antonio Rudiger and Cesar Azpilicueta as a matter of priority. They were also keen on pledging large investment towards the club's famed academy which has produced plenty of valuable assets in recent years.
The Saudi Media Group are led by Mohamed Alkhereiji, who has spent time previously living in the country while both studying and working at the London offices of Deutsche Bank.
It is during this time when Alkhereiji's affection towards Chelsea started and has remained ever since. With his company earning more than £770million per-year, Chelsea could have continued to flex their financial muscles under Alkhereiji's stewardship.
When it comes to football, the wealthy businessman's first love are Saudi Arabian outfit Al Nassr. Alkhereiji even helped fund the club's luxurious new stadium in Mrsool Park. He will now be able to devote even more time to them in the wake of the Chelsea rejection.
While the Saudi consortium have already seen their bid rejected, the Ricketts family could soon meet the same fate in the wake of backlash from Blues supporters over racist emails sent by family patriarch Joe Ricketts that were leaked in 2019. This prompted a statement from the family to further distance themselves from the views aired by Joe.
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The statement read: "Our family rejects any form of hate in the strongest possible terms. Racism and Islamophobia have no place whatsoever in our society. We have developed deep and abiding partnerships with the Muslim community in Chicago, as well as with all communities of colour.
"Respect for diversity and inclusion are central to our family’s values. If we prevail in our bid for Chelsea, we commit to the Club and to the fans that we will actively promote these values."
The club had originally imposed a deadline of March 18 for all bids to be submitted by and are now in the process of mulling over those that had been lodged in time.
