Saudi Media made an offer to buy Chelsea to Raine Group, a New York investment bank, exactly one hour before the deadline on Friday, according to Goal.
The private group led by Mohamed Alkhereiji, a businessman, believes their bid is competitive.
It includes plans to remodel Stamford Bridge as well as the extension of contracts for important players such as Antonio Rudiger.
They are now awaiting Raine’s verdict, which includes sanctioned Chelsea owner Roman Abramovich and top Chelsea officials.
After seeing Abramovich sanctioned, Saudi Media will look for new sponsors for the team. Three and Hyundai, two telecommunications companies, have suspended their agreements with the club.
They’ve also promised to invest in the women’s team, with plans to utilize them as ambassadors for sport in the region.
The group wants to close any purchase swiftly so they can help Chelsea with cash flow concerns that are threatening the club’s survival as a result of the UK government’s sanctions.
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