Saudi Media – the biggest media group in the Middle East – are hopeful of completing the takeover of Premier League club Chelsea.
The West London club are desperate to secure a new owner amid a budget crisis, with their funds dictated by the British government in the wake of the sanctions imposed on Blues owner Roman Abramovich.
The billionaire has had his assets frozen in the UK in the wake of Russia's ongoing invasion of Ukraine, although he continues to deny any links to president Vladimir Putin.
On Saturday, the Premier League confirmed they had suspended Abramovich as director of the club.
The West London club are now operating under a special license - severely limiting their revenue streams - and shirt sponsors Three have suspended their partnership, worth £40million per annum.
Barclays have also suspended the club's bank account and there's a possibility the Blues could face financial armageddon between now and the summer due to the precarious situation.
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The Blues are desperate to secure new ownership as soon as possible and Saudi Media have now emerged as a major contender to buy the club.
The interest is fuelled by Saudi Media’s owner Mohamed Alkhereiji, who is also the CEO of its parent company Engineer Holding Group - founded by his father Abdulelah Alkhereiji.
He obtained an executive master’s degree of business administration from the London-based Business School, formerly Cass and previously worked as an analyst for Deutsche Bank in London.
Alkhereiji is a fan of Chelsea, and a report in Goal.com suggests this is his driving interest behind his attempt to buy the club and invest in its infrastructure.
It is outlined that a major part of their plans to buy the club is their willingness to invest in redeveloping Stamford Bridge and the club’s academy at Cobham Training Centre, as well as the women's team.
Saudi Media generate a reported £770million per annum while any attempt to buy the West London club is likely to be supported by a consortium of other private backers from Saudi Arabia.
It is the redevelopment of Stamford Bridge that is at the heart of their charm offensive, with costs of upgrading the stadium said to cost in the region of £1.5billion.
The club have been restricted in their ability to generate profits due to the stadium’s limited capacity – less than 42,000, significantly smaller than many rival clubs, with difficulties to upgrade it due to space and planning permissions.
Alkhereiji was behind the new, state-of-the-art stadium in Mrsool Park for Saudi Arabian club Al Nassr and it is suggested this will be a key factor in convincing the Blues that he is the right investor.
The report also claims that Saudi Media would prioritise securing new contracts for Chelsea’s first-team players, with Antonio Rudiger and Cesar Azpilicueta among those who are due to become free agents this July.
