Saudi Media submitted an offer to buy Chelsea to New York investment bank, Raine Group, only one hour before the deadline on Friday, Goal reports.
The private consortium owned by businessman Mohamed Alkhereiji feels their offer is competitive.
It includes plans to redesign Stamford Bridge and renew the contracts of key squad members, including Antonio Rudiger.
They are now waiting on the decision, which is being guided by Raine, but involves the sanctioned club owner Roman Abramovich and senior Chelsea staff.
Saudi Media will seek new sponsors for the club, after telecoms company, Three and car company, Hyundai decided to suspend their agreement, after seeing Abramovich sanctioned.
They have also vowed to invest in the women’s team and have a strategy to use the squad as ambassadors for sport in the Middle East.
The group are looking to complete any deal quickly, so they can help lift cash flow issues that are impacting Chelsea’s existence amid the sanctions laid down by the UK government.
