Saudi Media Group offers £2.7 billion to buy Chelsea from Roman Abramovich

There have been some developments in the fate of Chelsea FC, which has now been put back up for sale. According to the latest reports, a solid offer has come in from the Saudi Media Group, which is willing to take the Premier League side off the hands of current owner Roman Abramovich for £2.7 billion ($3.5billion).

The Russian oligarch has been slapped with sanctions by the UK Government following Russia's invasion of Ukraine. Apart from getting his assets frozen, Abramovich was initially barred from selling the club as well as from making transactions in the transfer market. The club was also prohibited from selling tickets to home games.

However, Abramovich was able to strike a deal with the UK Parliament earlier this week, which will allow him to sell the club and allow it too operate in such a way that will have the least impact to the affected players, employees and fans.

According to Marca, Saudi Media Group's Mohamed Alkhereiji is a fan of the Blues, and is spearheading the bid via the private consortium. Apparently, the group has no direct links to the Saudi government, unlike Newcastle's Saudi Public Investment Fund.

The takeover bid reportedly includes plans to invest in the men's and women's football teams as well as the redevelopment of Chelsea's home stadium, Stamford Bridge. The sale is to be overseen and approved by Prime Minister Boris Johnson himself, and it remains to be seen how well it will sit with English football fans to have yet another Middle Eastern entity buying into the Premier League.

The UK Parliament reportedly allowed the sale to go through amid certain conditions. Among them, it is expected that proceeds from the sale will be used for the benefit of Ukrainian families that have been displaced by the ongoing invasion.