• Loading stock data...
Monday, April 22, 2024
  • -
    days
  • -
    hours
  • -
    minutes
  • -
    seconds

Saudi Media Group Reportedly Offers $3.5B For Chelsea

  • Saudi Media Group — run by Chelsea fan Mohamed Al Khereiji— has emerged as the club’s latest bidder, per CBS Sports.
  • The group has reportedly offered $3.5 billion.
Chelsea-FC
Chelsea FC/Design: Alex Brooks

Saudi Media Group — run by Chelsea fan Mohamed Al Khereiji — has reportedly emerged as the club’s latest bidder.

The group has offered $3.5 billion, according to CBS Sports. Saudi Telecom Company chair Mohammed bin Khalid Al Saud is reportedly helping to fund the bid.

The Saudi Media Group is just one of many prospective buyers who have surfaced — including Los Angeles Dodgers part-owner Todd Boehly. As of last week, one report suggested there were at least 20 bidders.

  • After Russia invaded Ukraine, billionaire Russian owner Roman Abramovich tried to sell the team himself for about $4 billion. Forbes valued it at $3.2 billion.
  • In a round of sanctions on Thursday, the British government seized Abramovich’s assets — including the club.
  • While the sale was initially paused, The Raine Group, which is facilitating it, got approval to reopen the bids until March 18, according to multiple reports.
  • But there’s a catch: Abramovich must prove he personally won’t make money from the transaction, according to The Athletic.

A sale could be finalized within four-to-six weeks, per The Athletic. In the meantime, however, the club has a license to remain operational until May 31, despite the sanctions.

Financial Woes

Until the club is sold, it faces a complex financial situation.

The British government has seized ticket sales and merchandise revenue. And the team is also hemorrhaging sponsors: Hyundai and Three have already suspended business with Chelsea, along with its charity partner, Plan International.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Rockies Coach’s Team Plane Cockpit Visit Triggers Federal Investigation

A since-deleted video shows him sitting in the cockpit mid-flight.

Wrexham, Leverkusen Write Hollywood Stories

The guaranteed payoff for Wrexham is modest but still significant.

Former Tottenham Owner Avoids Jail Time in ‘Brazen’ Insider Trading Case

Joe Lewis gets three years’ probation and a $5 million fine.

A’s Reach Deal to Leave Oakland for Sacramento After This Year

The A’s will play in a minor league park starting in 2025.
podcast thumbnail mobile
Front Office Sports Today

Why Ian Rapoport Lives for the NFL Draft’s Chaos

0:00
0:00

Featured Today

Everything You Need To Know About the Legal Attempts To Kill the ACC

Four lawsuits involving the conference, Clemson, and FSU could determine the future.
April 20, 2024

A Bare-Knuckle Fighter Won His Pro Debut. The Far Right Scored a Marketing Win

With Proud Boys sponsoring him, experts say extremist groups will use his success to elevate their ideologies and recruit new believers.
April 7, 2024

Women’s Basketball Finally Has a TV Deal to Match the Excitement. Now What?

A lucrative new media-rights contract could rectify problems of the past, but the future of March Madness media rights is anyone’s guess.
Mar 16, 2024; Washington, D.C., USA; North Carolina State Wolfpack forward DJ Burns Jr. (30) cuts the net after defeating the North Carolina Tar Heels for the ACC Conference Championship at Capital One Arena.
April 6, 2024

How Two College Seniors Helped DJ Burns Cash In on a Final Four Run

Two college seniors are facilitating deals for NC State’s big man.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
FanDuel
Multiple - USA Careers

Memphis and FedEx Strike Unique Corporate NIL Deal For $25 Million

The logistics company has a long-standing relationship with the university.
April 18, 2024

Caitlin Clark ‘Nearing’ $20 Million-Plus Nike Deal: Report

Clark had an NIL deal with Nike at Iowa as well.
April 18, 2024

NBA Media Rights Likely Headed for Open Market Next Week

The league is reportedly letting Monday’s deadline pass without a deal.
Sponsored

Rapid Returns: How Technology Is Getting You Back to Your Seat

How Oracle’s POS technology is helping fans get back to their seats faster.
April 17, 2024

Even Joe Biden Is Surprised By Caitlin Clark Making $76K

The president posted Tuesday night about pay disparities in sports.
April 14, 2024

Salt Lake City About to Land NHL’s Coyotes (Minus Their Name)

Salt Lake City’s NHL franchise will have a new name.
Ken Goldin
April 10, 2024

Goldin Auctions Acquisition by eBay Sparks Showdown With Fanatics

The online giant acquires the prominent high-end sports memorabilia auction house.
April 10, 2024

WNBA Has New Commercial Partner: Over-the-Counter Birth Control

WNBA teams up with FDA-approved over-the-counter birth control.