Saudi Media Group has not made a shortlist of consortiums aiming to buy Chelsea.
Fronted by Chelsea fan Mohamed Al Khereiji, it was one of six groups who said it had lodged a bid to buy the Premier League club last week.
Sources close to the SMG bid said its desire to do due diligence on the club and Chelsea’s eagerness for a quick sale counted against it.
SMG offered more than £2bn, plus over £200m for immediate working capital.
It was informed it had not made the next stage on Thursday.
Some of the other bids have already done due diligence based on their previous interest in buying the club.
The Premier League club has been granted a special licence by the UK government to continue operating after owner Roman Abramovich was sanctioned for his alleged links to Russian president Vladimir Putin.
They are unable to receive funds from ticket sales and merchandise, and have a monthly wage bill of about £28m.
On Wednesday, the government granted permission for Abramovich’s company which owns Chelsea, Fordstam Ltd, to pay £30m into the club for running costs.
The Russian billionaire is seeking £3bn for the sale, but proceeds will go to a charitable foundation or a frozen account with approval from the government.
It is understood that bids are being assessed on their valuation of the club, their working capital commitment, their source of funds, the speed and certainty with which they can close the transaction and their background in sport.
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