Saudi Media could still become Chelsea owner despite having bid rejected if this happens

Saudi Media’s £2.7billion bid to buy Chelsea from Roman Abramovich has been rejected by Raine Group, the bank appointed by Abramovich to oversee the sale of Chelsea.

Saudi Media’s bid failed to progress to the final stage of bidding for the Blues.

However, Saudi Media’s quest to own Chelsea is not totally dead as according to a report on Goal, the Saudis are open to teaming up with one of the preferred bidders and forming a new consortium.

Whether they follow through on that plan remains to be seen. They are said to be considering their options although reports indicate that no approaches have been made to other groups as yet.

Saudi Media’s bid to buy Chelsea was rejected despite having football experience through domestic club Al-Nassr and also promising to pump £200million immediately into Chelsea.

With bids from Saudi Media and Nick Candy’s consortium now rejected, Todd Boehly’s consortium and Sir Michael Broughton’s consortium are reportedly among the preferred bidders to progress to the next stage.

The Ricketts family are also believed to be among the preferred bidders to progress to the next stage despite backlash from Chelsea fans.