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Fans angered as Premier League clears Chelsea’s £76m sale of two hotels to avoid PSR breach

Fans have been left angered as the Premier League clears Chelsea’s £76m sale of two hotels to avoid PSR breach, say reports.

The Premier League has recently approved Chelsea’s £76 million transaction involving the sale of two hotels, the Millennium and Copthorne, to an associated company, BlueCo 22 Properties Ltd.

This move was strategically executed to ensure Chelsea complied with the Premier League’s Profitability and Sustainability Rules (PSR), which cap the allowable loss over a three-year period at £105 million.

Chelsea sold these hotels from Chelsea FC Holdings Ltd to BlueCo 22 Properties Ltd, both subsidiaries under the same holding company, BlueCo 22 Ltd, owned by the club owners.

Without this sale, Chelsea’s reported loss for the 2022-23 season would have been significantly higher, potentially breaching the the rules. The sale reduced their reported loss from what could have been £166.4m to £89.9m.

The Premier League’s approval of this sale means it was deemed to be at fair market value, and not breaching PSR. This decision came after scrutiny and assessment, ensuring the transaction’s legitimacy under the league’s financial regulations.

This deal sparked debate within football finance circles and among rival clubs, questioning the ethics and the spirit of financial fair play.

Despite this, the Prem’s clearance indicates adherence to the letter of their rules, though it highlights a loophole not yet closed by the league’s governance, as evidenced by a failed vote to ban such transactions.

While UEFA and the EFL have stricter regulations against such related-party transactions, the Premier League’s stance allows for these maneuvers, provided they meet the fair market value criterion. This situation underscores ongoing discussions about how clubs manage finances within the constraints of football’s financial regulations.

Kaveh Solhekol spoke more on the situation to Sky Sports: “The Premier League has cleared the sale of two Stamford Bridge hotels by Chelsea’s owners to an associated company.

“The Millennium and Copthorne hotels were sold by Chelsea FC Holdings Ltd to BlueCo 22 Properties Ltd in June 2023. Both companies are ultimately owned by BlueCo 22 Ltd, which is Chelsea’s holding company.

“The £76.5m deal meant Chelsea made a loss of £89.9m instead of £166.4m in their 2022/23 accounts.

“The Premier League’s financial rules allow clubs to make a maximum loss of £105m over a rolling three-year period.

“The sale has been cleared because the deal has been deemed to be fair market value.

“Chelsea are confident they will continue to comply with the Premier League’s financial rules.

“Chelsea were one of the Premier League’s biggest spenders this summer with an outlay of £202.6m, around half of that was spent on Pedro Neto (£54m) and Joao Felix (£46.3m).

“Manchester United (£205.9m) and Brighton (£192m) were also high in the spending table with Chelsea, who also agreed deals for Willian Estevao (£29.1m) and Mike Penders (£17m) to join next summer.

“The Blues also recorded table-topping returns for cash received from player sales, with £172.3m coming into the club.

“Manchester City were second behind Chelsea’s with £146.9m made in sales – boosted by Atletico Madrid spending £82m on Julian Alvarez.

“Chelsea finished the summer with a net spent of little over £30m.”

Chelsea’s transfer window

In

Kiernan Dewsbury-Hall – Leicester, £30m
Marc Guiu – Barcelona, £5m
Omari Kellyman – Aston Villa, £19m
Tosin – Fulham, free
Pedro Neto – Wolves, £54m
Renato Veiga – FC Basel, £12m
Caleb Wiley – Atlanta United, undisclosed
Estevao Willian – Palmeiras, £29.1m*
Filip Jorgensen – Villarreal, £20.7m
Aaron Anselmino – Boca Juniors, £15.6m
Joao Felix – Atletico Madrid, £46.3m
Mike Penders – Genk, £17m*
Jadon Sancho – Manchester United, loan

*transfer fee not included in total as player joining in 2025

Out

Conor Gallagher – Atletico Madrid, £36m
Romelu Lukaku – Napoli, £25.2m
Alfie Gilchrist – Sheffield United, loan
Chinoso Chibueze – Stoke, undisclosed
Jamie Cumming – Oxford, undisclosed
Michael Golding – Leicester, undisclosed
Lewis Hall – Newcastle, £28m
Omari Hutchinson – Ipswich, £18m
Ian Maatsen – Aston Villa, £37.5m
Kepa Arrizabalaga – Bournemouth, loan
Mike Penders – Genk, loan
Charlie Webster-Burton, undisclosed
Hakim Ziyech – Galatasary, undisclosed
Dion Rankine – Wigan, free
Thiago Silva – Fluminense, free
Josh Brooking – Released
Noah Hay – Released
Ted Curd – Hampton & Richmond, loan
Teddy Sharman-Lowe – Doncaster, loan
Dylan Williams – Burton, loan
Andrey Santos – Strasbourg, loan
Malang Sarr – Lens, free
Eddie Beach – Crawley, loan
Gabriel Slonina – Barnsley, loan
Aaron Anselmino – Boca Juniors, loan
Diego Moreira – Strasbourg, undisclosed
Lesley Ugochukwu – Southampton, loan
Bashir Humphreys – Burnley, loan
Leo Castledine – Shrewsbury, loan
Tino Anjorin – Empoli, undisclosed
Romelu Lukaku – Napoli, £37.9m
Djordje Petrovic – Strasbourg, loan
Ronnie Stutter – Burton, loan
Raheem Sterling – Arsenal, loan
Armando Broja – Everton, loan
Angelo Gabriel – Al Nassr, £19m

As mentioned, fans were angered as the Premier League clears Chelsea’s £76m sale of two hotels to avoid PSR breach…

@SK21878: Honestly, just fuck off @premierleague

@Jim_Keoghan: They’re not even trying to hide it anymore. That Chelsea and United given massive leeway on PSR, while the League is trying to screw Everton over legal costs and threatening to investigate entirely legitimate transfers

@Ryan_EFC1878: Premier league are corrupt. Chelsea are corrupt. End of story.

@Yoro15i: PL only helps the big clubs like city and chelsea, but doesn’t wait to deduce points to everton and forest 🤡

@FootballReprt: Such bullshit

@Markafc87: Everton and forest seem to be treated differently

@Memecastle_Utd: I’d love a club outside of the cartel to try this

@SmnLlyd5: Football is dead

@Bradders4711: Can’t make the shi# up 😂😂😂 how many points was it Everton & Forest were deducted?

@marksmith131990: @premierleague are just again letting Todd boehly use a loophole to sell 2 hotels to another one of he’s companies for @ChelseaFC Financial profit and sustainability. Cheating the ffp to avoid points deduction

@NUFCThreatLevel: Let’s have Everton try this and see what happens. Different standards. God forbid the national outrage if Newcastle did it.

@NoelHolohan: The most corrupt league in the world. Protect the big 6 at all costs and keep the smaller clubs down. Although Leicester and Forest wouldn’t be mad fans of each other I’m Delighted they’ve busted the Premier League with the loophole. #NFFC #LCFC PSR there only To protect the big6

@jaacknffc: Time for Marinakis to sell the training ground to his shipping company for 38 billion pounds

@WorldofHotspur: Our rivals are selling hotels to fund footballers, we’re selling footballers to fund hotels 💪

@Jw_Av04: NAHHH WHAT A FUCKIN JOKE

@AY__MUFC: When you’re allowing stuff like this to happen. How can anyone take you seriously.

@sufcben: Football has lost the plot infact it lost the plot along time ago this just sums it up

@PeterMcCole: Fucking Corrupt @premierleague

@humphreys_17: This is fucking mental when you think about it really 😂

@ArsenalMediaXI: Hold on… didn’t it come out not long ago, that changes were gonna be made to the law, so that Club’s can’t sell certain assets to meet PSR rules? I guess the changes haven’t taken effect then.

@TheAndylorian: Surely we could just sell SJP to the women’s team for £400m? #NUFC

@under_thecosh: PL not fit for purpose then

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