The Saudi Media Group has withdrawn from the bidding for Chelsea Football Club.

This was confirmed on Thursday by the group's CEO, Khalid AlKhudair, on his official Twitter account.

AlKhudair expressed disappointment that their attempt to purchase the Blues was canceled before it reached the final stage of the process.

"We did our best, but are disappointed," he wrote. We will, however, continue to bleed #Blue. "

Chelsea's decision was relayed to the group by Raine Group, an investment bank.

The bank will now pursue alternative avenues in its search for a new owner to succeed Roman Abramovich."'

According to Goal, the Tod Boehly consortium, the Ricketts family, and Sir Michael Broughton's joint proposal with Lord Sebastian Coe are thought to be dominating the race to buy the club.

Raine Group is likely to write an email to the other suitors in the coming days informing them of the status and scrutinizing their proposals.