[Football] Chelsea avoid failing FFP via loop hole

[TomandJerry]

By selling two hotels they already own, to a different company that they also own, whilst leaving the revenue streams coming into Chelsea's accounts through a 'management contract'

 

[southstandandy]

Is anyone surprised?

 

[Guinness Boy]

Would love to read @El Presidente 's assessment of this one!

 

[nwgull]

This is for Season 22-23, right? I wonder how they’ll try and escape sanctions for the current season, in which their income will be 10s of millions less thanks to no CL football, not to mention extra amortisation charges on the £400m worth of incoming transfers last summer.

 

[TomandJerry]

This is for Season 22-23, right? I wonder how they’ll try and escape sanctions for the current season, in which their income will be 10s of millions less thanks to no CL football, not to mention extra amortisation charges on the £400m worth of incoming transfers last summer.

The sale of Stamford Bridge to a different company they own?

 

[deletebeepbeepbeep]

This is for Season 22-23, right? I wonder how they’ll try and escape sanctions for the current season, in which their income will be 10s of millions less thanks to no CL football, not to mention extra amortisation charges on the £400m worth of incoming transfers last summer.

Sell the hotels to another company they own.

 

[nwgull]

Would love to read @El Presidente 's assessment of this one!

 

[Hiheidi]

This expert says:
At cost, Chelsea have £164m of land and buildings remaining after the hotel sale. The hotel appears to have been £32.2m at cost - so sold at 3x cost. It is, therefore, likely that some of the remaining £164m of land and buildings also has some substantial accrued profit if sold.

£210m profit? Quite possibly? We will see but it is possible/likely that Chelsea's plan is to balance their massive 23/24 PSR shortfall with another huge property sale to itself before 30 June 2024.

 

[KZNSeagull]

So this "transaction" should have been approved within 10 days by the PL. That was 9 months ago. The PL cannot possibly approve this and let them do it again for this season as well. There is taking the piss and then there is this. It appears the super 6 can do what they like - the PL needs to grow a backbone and soon.

 

[Triggaaar]

By selling two hotels they already own, to a different company that they also own, whilst leaving the revenue streams coming into Chelsea's accounts through a 'management contract'

You hear Stephen Bordom talking and, assuming you don't kill yourself, you realise that our Dullard is actually the fun one.

 

[beorhthelm]

that cant work as easily as that, Shirley? if the parent owns both the group accounts will show net zero across the transactions.

 

[warmleyseagull]

This would not have been possible under EFL rules but the turkeys among the PL clubs voted to keep Christmas and allow related party transactions to count for FFP.

End of. It doesn't even stink, its worse than that.

 

[warmleyseagull]

that cant work as easily as that, Shirley? if the parent owns both the group accounts will show net zero across the transactions.

Depends on who is the 'group' and which entity is actually the one registered with PL. It can't be net zero else they wouldn't have done it.

 

[TomandJerry]

that cant work as easily as that, Shirley? if the parent owns both the group accounts will show net zero across the transactions.

I assume, being billionaires and having access to the top lawyers and accountants across the world, they'd be able to find a loop hole and exploit it. And wouldn't try to do so if they thought it'd fail

 

[Gabbafella]

I can't wait for that wanky club to fold.

 

[Papa Lazarou]

So, can they keep feeling the same hotels to different parts of the same organisation or so they only get 1 go for each?

Makes an absolute mockery of the rules, but what we're we expecting?

Chavski fans must be feeling very smug at the moment.

 

[WhingForPresident]

Is it a coincidence that they are allowed to circumnavigate FFP, and get a load of decisions their way? 12 penalties this season, plenty of which were dodgy. League average is 4.6.

Seems the PL know it's bad for business having them outside the top six...

 

[Bodian]

How many hotels do Man City own?

 

[Flounce]

Is anyone naive enough to think that any of the big boys, with their backing, are going to be punished in a meaningful way?

As we all know money talks and if you have enough of it you can get out of pretty well any business related problems

A European League for these rich cheats sounds better by the day

 

[Exilegull]

Naive to think they wouldn´t find a way bit like those who think City will be relegated from the charges also not happening