The Saudi Media Group is out of the race to take over Chelsea Football Club.
This was confirmed on Thursday, via the official Twitter of the CEO of the group, Khalid AlKhudair.
AlKhudair expressed disappointment that their attempt to buy the Blues was terminated and did not make it into the final stage of the bid.
He wrote: “We did our best, disappointed. But we will continue to bleed #Blue.”
Investment Bank, Raine Group, communicated the decision to the group on behalf of Chelsea.
The bank will now move on with other options, as they look to find new owners to replace Roman Abramovich.
The Tod Boehly’s consortium, the Ricketts family and Sir Micheal Broughton’s joint bid with Lord Sebastian Coe are believed to be leading the race to take over the club, according to Goal.
Raine Group is expected to send an email to the remaining suitors in the coming days about this status in the coming days where their proposals will be scrutinised.