The Board

[DDA 9,771]

29 minutes ago, Mhsc said:

I don't buy that tbh. Wouldn't have spent £100m on Caicedo and Enzo if that was the objective - we'd have a cap to never spend more than £40m or something on players who's value could double or triple - and basically just clone Brighton's approach entirely

The sad thing is there IS a project here, that is ultimately about trying to build and run a long term sustainable top club that competes on all fronts.

The execution of that project has been quite shameful, but I think the intent is very clear. 

Totally disagree. 
 
Enzo and Moises were to appease the fans. They threw in a few big money purchases to throw us off their scent and divert us from their true intentions.. after what we are witnessing this season.. there is no convincing me and many others that these fuckers actually care about winning.

[Vytis33 1,191]

Those big buys also came to a screeching halt once the financial loophole of extended year contracts was closed.  Lately they’ve been content making a few bucks selling Angelo and Casedei and then using creative accounting with Atletico and Villa transactions.  All while completely forgoing a shirt sponsor apparently 

[Mhsc 984]

1 hour ago, DDA said:

Totally disagree. 
 
Enzo and Moises were to appease the fans. 

Haha, agree to disagree then. If it is fan appeasement they're trying for they're certainly doing a poor job! 

I think they were all bought out of desperation to turn around results. We were trying to save Potter's reign for the Enzo signing and instead of walking away when we got quoted silly money we just went for it - because they thought it might turn the season around. Turned out to do fuck all.

I think they really do care about results and trying to have us compete (even if only because winning and being in CL, getting to finals etc all generate revenue and increase brand value) - and are no doubt embarrassed at what a shit job they've done, and how much money they've wasted. Now all of the money that was available to invest has been burnt through and the additional cash injected has largely spent on a bunch of dross

We've actually bought a bunch of players since they took over that will only realistically ever be sold at a loss - Fofana, Caicedo, Enzo, Mudryk, Sterling, Pedro Neto, Sanchez, etc etc etc etc

They've just spent really badly and many of the "established" players they bought were horrendous duds and have over corrected in the other direction imo

Hopefully over the long term we can find a happy medium as they get more experience in "soccer"...

[OneMoSalah 8,833]

2 hours ago, Mhsc said:

I don't buy that tbh. Wouldn't have spent £100m on Caicedo and Enzo if that was the objective - we'd have a cap to never spend more than £40m or something on players who's value could double or triple - and basically just clone Brighton's approach entirely

The sad thing is there IS a project here, that is ultimately about trying to build and run a long term sustainable top club that competes on all fronts.

The execution of that project has been quite shameful, but I think the intent is very clear. 

If Caicedo & Enzo’s fees weren’t going to be paid over 7/8 years like they are (was the massive argument behind why signing them for those fees was a great idea) then we wouldn’t of done it. Same with Mudryk. 100% convinced by that. And even then irrespective of the fees and structures we overpaid for all 3 still. Not only that - will they ever be worth £115m, £106m and £72m? Absolutely unconvinced although Caicedo looks much better than he did this time last season. 

Either way the project has been a shambles. And people cannot disagree or defend the indefensible now - people argued the owners put their money where their mouth was, that Tuchel was at fault, that Poch was at fault, that the recruitment would set us up for best part of a decade…. can remember reading on here that a MF of Enzo, Caicedo and Lavia would be of the best in the PL and Europe before Caicedo and Lavia even kicked a ball for us 🙄🤣

I have been vocal about this ownership and the structure they’ve put in place since they sacked Tuchel - the downwards spiral has been wild and absolutely self inflicted through incompetency at every level. I would say recruitment has been our biggest and most consistent issue since that first summer window under Boehly-Clearlake and it is still our biggest and most consistent issue… I mean who is greenlighting us signing players like Felix (TWICE!!!!), Sancho, Jorgensen, Disasi, Tosin….

Edited February 18 by OneMoSalah

[Mhsc 984]

5 minutes ago, OneMoSalah said:

If Caicedo & Enzo’s fees weren’t going to be paid over 7/8 years like they are (was the massive argument behind why signing them for those fees was a great idea) then we wouldn’t of done it. Same with Mudryk. 100% convinced by that. And even then irrespective of the fees and structures we overpaid for all 3 still. Not only that - will they ever be worth £115m, £106m and £72m? Absolutely unconvinced although Caicedo looks much better than he did this time last season. 

Either way the project has been a shambles. And people cannot disagree or defend the indefensible now - people argued the owners put their money where their mouth was, that Tuchel was at fault, that Poch was at fault, that the recruitment would set us up for best part of a decade…. can remember reading on here that a MF of Enzo, Caicedo and Lavia would be of the best in the PL and Europe before Caicedo and Lavia even kicked a ball for us 🙄🤣

I have been vocal about this ownership and the structure they’ve put in place since they sacked Tuchel - the downwards spiral has been wild and absolutely self inflicted through incompetency at every level. I would say recruitment has been our biggest and most consistent issue since that first summer window under Boehly-Clearlake and it is still our biggest and most consistent issue… I mean who is greenlighting us signing players like Felix (TWICE!!!!), Sancho, Jorgensen, Disasi, Tosin….

Yes agreed on all points - for FFP reasons they wouldn't have done it (or been able to do it) without that loophole at the time. And it has been a shambles.

My only disagreement is with this idea that they're running the club "just for money" - I mean, its true in the sense that every business is run for money - but this is a far cry from situations at Spurs or Brighton where results are of no interest to the club and ultimately its about staying in PL and flipping players for profit for the owner.

They're trying to build a sustainable long term football club that doesn't depend on a sugar daddy owner to inject cash every year - and they've got a vision to make that happen that involves us being a top team that compete and win things, in my opinion.

They've just done a fucking shocking job at making it happen and pissed most of the money away and now it is looking quite tough to turn into a reality - without more spending but the pockets are running empty now, and even if they weren't we know they will just misspend 80% of it.

[YorkshireBlue 3,175]

30 minutes ago, OneMoSalah said:

MF of Enzo, Caicedo and Lavia would be of the best in the PL and Europe before Caicedo and Lavia even kicked a ball for us

Tbf with that midfield we were on fire

[Vesper 29,445]

Why Chelsea have hired rugby league star Willie Isa: ‘He is a cultural architect’

https://www.nytimes.com/athletic/6141390/2025/02/18/willie-isa-Chelsea-why-rugby-league/

After two wins in nine Premier League games, few will dispute that Chelsea look like they could do with fresh inspiration from someone new right now. The surprise is they have turned to a figurehead from rugby league for it.

The news that Chelsea have recruited Willie Isa from Wigan Warriors to act in a player-support role caused a bit of a stir last week and was certainly not met with much enthusiasm from the fanbase.

Isa has had a superb career in rugby league, starting out at two Australian clubs — Penrith Panthers and Melbourne Storm. He really made his name after moving to England in 2011 at Castleford Tigers, Widnes Vikings and especially Wigan, where he won 10 major honours in eight years, including two club world championships.

One of the people who know him best is Wigan head coach Matt Peet, who led the club to a remarkable four major trophies last season, with Isa one of the key men in the dressing room. He has no doubts Isa will make a big difference at Chelsea behind the scenes.

Peet tells The Athletic: “I don’t expect the supporters to ever physically see the impact he has at Chelsea. But he is a cultural architect. He will make the environment better and all the individuals around the environment better. Ignore the different shape of the ball that he is associated with, Willie’s skill set is all about high-performing teams, leadership and dealing with people.

“Everyone at Wigan and in rugby league understands why Chelsea have made this move. It’s intelligent.”

Chelsea fans might take a bit of time to come around to Peet’s way of thinking.

There appears to be a general cynicism about the number of jobs and positions created since the Todd Boehly-Clearlake consortium took over the club in 2022. Recent results on the pitch do not help the mood — Chelsea are struggling to avoid going a third season without qualifying for the Champions League.

But turning to someone from an actual different ball game has led many supporters to ask one question: “Why?”.

Much has been made of the amount Chelsea have spent on the squad via the transfer market since the takeover, with more than £1billion ($1.3bn) committed to new signings. But the club have invested in several of its departments, including performance and medical. This is where Isa comes in.

Bryce Kavanagh, the director of performance, was hired in October 2023 after seven years at the Football Association, the English game’s governing body. He has overseen the growth of a 24/7 player support division, surrounding medical, fitness and conditioning.

Kavanagh worked in rugby (Munster and Melbourne Rebels, both of the union code) as well as netball (Australia’s NSW Swifts) before being employed by the FA. Beginning outside of football has not been a hindrance to him and the expertise he can bring. Sources at Chelsea, who like many of those spoken to for this article have been kept anonymous to protect relationships, feel the same applies to Isa. Besides, this area of the club does not involve the tactics deployed on the pitch.

 

Isa, with the ball, playing for Wigan (Gareth Copley/Getty Images)

Kavanagh, head coach Enzo Maresca and co-sporting directors Paul Winstanley and Laurence Stewart all played a role in the hiring of Isa. In Maresca’s case, he talked to the 36-year-old New Zealand-born Samoa international before he was given the post.

A Chelsea source said the club’s thinking is to give every resource possible to help each player, on and off the pitch.

Isa’s experience of playing at the highest levels of rugby league, knowing what it takes to win and maintaining his physical condition during a gruelling season, is just part of the reason he was hired. He can advise on how to maintain a healthy mind as well as body. He is seen as someone who can be there for somebody if they are going through a slump and not having a good time of it, providing words of advice.

It helps that Isa has such a strong background in professional sport and is a proven winner. Yet it quickly became apparent he has an ability to connect with people and communicate with players, too.

That may well be put to the test at Chelsea, where the majority of players are on far bigger salaries than their rugby league counterparts and have far greater value in their sport’s transfer market. Sky Sports reported that Wigan Warriors’ total wage bill for last season was £3.1million whereas Chelsea’s was £404m in the most recent reported annual accounts, for the year ending June 30, 2023.

Might the barrier of talking to millionaires and the potential egos involved be a problem? Peet gives the notion short shrift, saying: “Willie won’t be intimidated by anything.”

This should not be confused as some kind of part-time mentoring role, like someone coming in to give a speech once in a while and then clearing off. Isa, who has already started working at the club, will be based at the Cobham training ground full-time and be part of the staff working with Maresca. Last week, he was in the building, getting to know the personnel.

One of the most extraordinary aspects of this development is how quickly it has all happened.

Isa agreed a new two-year contract last October to continue playing at Wigan and was involved in pre-season training for their 2025 campaign when Chelsea made their first approach last month. This interest was kept secret but, in late January, he announced his retirement as a player, saying: “I have been offered an opportunity to pursue.”

Peet did not see Isa’s departure coming this soon but was not that shocked either. “We played a pre-season game a few weeks ago at Oldham and Willie didn’t play in it,” Peet said. “He requested a meeting and straight away I had an inkling that he wasn’t playing for one reason or another. When he told us what his reasoning was, the club were very supportive.

“When you have achieved as much as he has and you have so much respect for him, like I do, you cannot stand in his way. With Willie, when you know he has set his mind on something, we all want him to fulfil it with 100 per cent commitment and support.

“I knew this kind of job was something he was considering going into when he stopped playing. I am not particularly surprised at the nature of the role he has taken at Chelsea. The timing came a little bit out of the blue but it is an area that Willie is passionate about, looking after players and helping them achieve their goals. Improving the organisation, too. I think it is a perfect fit.

 

Isa was going to play for Wigan this year but a move to Chelsea’s staff came together quickly (George Wood/Getty Images)

“I had had discussions with him in the past about what life after rugby league looked like for him and he was talking along these kind of lines.

“You have to remember that since I have been coach (he was hired by Wigan in 2022), Willie has been in the leadership group with me. He already had one foot in that camp where he dealt with coaches and served as a link between… not just the coaches and the players but also the senior leadership of the club as well, the board and the CEO. He is well prepared for this role, I have no doubts.”

One of the biggest changes the Boehly-Clearlake consortium has brought about since summer 2022 is reducing the average age of the squad. Chelsea have consistently fielded the youngest XI in the Premier League this season under new coach Maresca, who is only his second campaign in charge at first-team level himself, but that has led to questions over who the team’s leaders are and whether the camp is missing someone with a more senior voice.

Perhaps Isa can help fill this void — although not during the games themselves. Peet thought he already knew everything there was to know about Isa’s leadership qualities until he heard even more tales during a group exercise he called last year.

“We had a team meeting around the culture of the group and I asked the lads to name a time when someone had helped them but no one else knew about it,” Peet said. “Around half of the stories were about Willie. Bear in mind we are talking 25 to 30 players in the room here.

“It was things like getting to stay at his house, lending them stuff, going around supporting them, checking in on them in times of trouble or when they’re having a bit of a down time. He would catch up with the lads for a coffee away from the building. Just lots of little actions. I have plenty of other examples I could give you of what he is like but this alone sums him up for me.

“Chelsea are getting a consummate professional. He is a fierce competitor. He was super-aggressive on the field. Off it, he is an absolute gentleman, caring, and very aware of his responsibilities to his team and also to the sport he represented. I am sure he will be a great ambassador for Chelsea. He will drive standards, a high-performance culture and he will do it from a position of looking after people.”

Just going off what Peet has to say about the guy, Isa’s characteristics sound like exactly what Chelsea need.

[YorkshireBlue 3,175]

31 minutes ago, Vesper said:

Why Chelsea have hired rugby league star Willie Isa: ‘He is a cultural architect’

https://www.nytimes.com/athletic/6141390/2025/02/18/willie-isa-Chelsea-why-rugby-league/

After two wins in nine Premier League games, few will dispute that Chelsea look like they could do with fresh inspiration from someone new right now. The surprise is they have turned to a figurehead from rugby league for it.

The news that Chelsea have recruited Willie Isa from Wigan Warriors to act in a player-support role caused a bit of a stir last week and was certainly not met with much enthusiasm from the fanbase.

Isa has had a superb career in rugby league, starting out at two Australian clubs — Penrith Panthers and Melbourne Storm. He really made his name after moving to England in 2011 at Castleford Tigers, Widnes Vikings and especially Wigan, where he won 10 major honours in eight years, including two club world championships.

One of the people who know him best is Wigan head coach Matt Peet, who led the club to a remarkable four major trophies last season, with Isa one of the key men in the dressing room. He has no doubts Isa will make a big difference at Chelsea behind the scenes.

Peet tells The Athletic: “I don’t expect the supporters to ever physically see the impact he has at Chelsea. But he is a cultural architect. He will make the environment better and all the individuals around the environment better. Ignore the different shape of the ball that he is associated with, Willie’s skill set is all about high-performing teams, leadership and dealing with people.

“Everyone at Wigan and in rugby league understands why Chelsea have made this move. It’s intelligent.”

Chelsea fans might take a bit of time to come around to Peet’s way of thinking.

There appears to be a general cynicism about the number of jobs and positions created since the Todd Boehly-Clearlake consortium took over the club in 2022. Recent results on the pitch do not help the mood — Chelsea are struggling to avoid going a third season without qualifying for the Champions League.

But turning to someone from an actual different ball game has led many supporters to ask one question: “Why?”.

Much has been made of the amount Chelsea have spent on the squad via the transfer market since the takeover, with more than £1billion ($1.3bn) committed to new signings. But the club have invested in several of its departments, including performance and medical. This is where Isa comes in.

Bryce Kavanagh, the director of performance, was hired in October 2023 after seven years at the Football Association, the English game’s governing body. He has overseen the growth of a 24/7 player support division, surrounding medical, fitness and conditioning.

Kavanagh worked in rugby (Munster and Melbourne Rebels, both of the union code) as well as netball (Australia’s NSW Swifts) before being employed by the FA. Beginning outside of football has not been a hindrance to him and the expertise he can bring. Sources at Chelsea, who like many of those spoken to for this article have been kept anonymous to protect relationships, feel the same applies to Isa. Besides, this area of the club does not involve the tactics deployed on the pitch.

 

Isa, with the ball, playing for Wigan (Gareth Copley/Getty Images)

Kavanagh, head coach Enzo Maresca and co-sporting directors Paul Winstanley and Laurence Stewart all played a role in the hiring of Isa. In Maresca’s case, he talked to the 36-year-old New Zealand-born Samoa international before he was given the post.

A Chelsea source said the club’s thinking is to give every resource possible to help each player, on and off the pitch.

Isa’s experience of playing at the highest levels of rugby league, knowing what it takes to win and maintaining his physical condition during a gruelling season, is just part of the reason he was hired. He can advise on how to maintain a healthy mind as well as body. He is seen as someone who can be there for somebody if they are going through a slump and not having a good time of it, providing words of advice.

It helps that Isa has such a strong background in professional sport and is a proven winner. Yet it quickly became apparent he has an ability to connect with people and communicate with players, too.

That may well be put to the test at Chelsea, where the majority of players are on far bigger salaries than their rugby league counterparts and have far greater value in their sport’s transfer market. Sky Sports reported that Wigan Warriors’ total wage bill for last season was £3.1million whereas Chelsea’s was £404m in the most recent reported annual accounts, for the year ending June 30, 2023.

Might the barrier of talking to millionaires and the potential egos involved be a problem? Peet gives the notion short shrift, saying: “Willie won’t be intimidated by anything.”

This should not be confused as some kind of part-time mentoring role, like someone coming in to give a speech once in a while and then clearing off. Isa, who has already started working at the club, will be based at the Cobham training ground full-time and be part of the staff working with Maresca. Last week, he was in the building, getting to know the personnel.

One of the most extraordinary aspects of this development is how quickly it has all happened.

Isa agreed a new two-year contract last October to continue playing at Wigan and was involved in pre-season training for their 2025 campaign when Chelsea made their first approach last month. This interest was kept secret but, in late January, he announced his retirement as a player, saying: “I have been offered an opportunity to pursue.”

Peet did not see Isa’s departure coming this soon but was not that shocked either. “We played a pre-season game a few weeks ago at Oldham and Willie didn’t play in it,” Peet said. “He requested a meeting and straight away I had an inkling that he wasn’t playing for one reason or another. When he told us what his reasoning was, the club were very supportive.

“When you have achieved as much as he has and you have so much respect for him, like I do, you cannot stand in his way. With Willie, when you know he has set his mind on something, we all want him to fulfil it with 100 per cent commitment and support.

“I knew this kind of job was something he was considering going into when he stopped playing. I am not particularly surprised at the nature of the role he has taken at Chelsea. The timing came a little bit out of the blue but it is an area that Willie is passionate about, looking after players and helping them achieve their goals. Improving the organisation, too. I think it is a perfect fit.

 

Isa was going to play for Wigan this year but a move to Chelsea’s staff came together quickly (George Wood/Getty Images)

“I had had discussions with him in the past about what life after rugby league looked like for him and he was talking along these kind of lines.

“You have to remember that since I have been coach (he was hired by Wigan in 2022), Willie has been in the leadership group with me. He already had one foot in that camp where he dealt with coaches and served as a link between… not just the coaches and the players but also the senior leadership of the club as well, the board and the CEO. He is well prepared for this role, I have no doubts.”

One of the biggest changes the Boehly-Clearlake consortium has brought about since summer 2022 is reducing the average age of the squad. Chelsea have consistently fielded the youngest XI in the Premier League this season under new coach Maresca, who is only his second campaign in charge at first-team level himself, but that has led to questions over who the team’s leaders are and whether the camp is missing someone with a more senior voice.

Perhaps Isa can help fill this void — although not during the games themselves. Peet thought he already knew everything there was to know about Isa’s leadership qualities until he heard even more tales during a group exercise he called last year.

“We had a team meeting around the culture of the group and I asked the lads to name a time when someone had helped them but no one else knew about it,” Peet said. “Around half of the stories were about Willie. Bear in mind we are talking 25 to 30 players in the room here.

“It was things like getting to stay at his house, lending them stuff, going around supporting them, checking in on them in times of trouble or when they’re having a bit of a down time. He would catch up with the lads for a coffee away from the building. Just lots of little actions. I have plenty of other examples I could give you of what he is like but this alone sums him up for me.

“Chelsea are getting a consummate professional. He is a fierce competitor. He was super-aggressive on the field. Off it, he is an absolute gentleman, caring, and very aware of his responsibilities to his team and also to the sport he represented. I am sure he will be a great ambassador for Chelsea. He will drive standards, a high-performance culture and he will do it from a position of looking after people.”

Just going off what Peet has to say about the guy, Isa’s characteristics sound like exactly what Chelsea need.

Couldn’t they just hire Bonnie blue, at least cheer some of them up 

[whats happening 1,563]

main goal of the 'project' is surely money. they ofcourse built a team so that in the meantime if we do well, its just a plus, if not, we can still make profit on the players they bought when they were very young. literally every football manager save tactic, except the for sure domination.

[OneMoSalah 8,833]

Rugby player? For football player support? Is this another move that is incredibly naive? Trying too hard as usual. 

This is like the medical staff, appointing Dave Grohl’s personal physio to head up an elite level sporting teams medical staff. Or having 2 co-sporting directors. Or whatever else they will do next…

It’s like they are trying too hard with everything they do. I mean folk keep saying it isn’t as bad here as at United or Spurs but honestly its really not that far off. The results are better here but the toxicity and decision making here off the field is just as bad as Spurs and United if not worse. And its more noticeable given the slump from when they came in to now. 

[NikkiCFC 8,122]

Club could get over 200m injection next season compared to last couple of years. CL is over 100m, CWC at least 50m and with CL football we would finally get a sponsor another 50m per season. 

[Vesper 29,445]

Strasbourg only 2 points off a European football place now 😃

Edited March 2 by Vesper

[NikkiCFC 8,122]

6 hours ago, Vesper said:

Strasbourg only 2 points off a European football place now 😃

4 clean sheets in a row. Sarr looks promising. 

[Vytis33 1,191]

 

[Vesper 29,445]

Chelsea report £128.4m profit after selling women’s side to themselves

• Club turn last year’s pre-tax loss into pre-tax profit
• Move scrutinised over rules around fair market value

https://www.theguardian.com/football/2025/mar/31/premier-league-psr-Chelsea-sell-women-team-loophole

Chelsea appear to have complied with the Premier League’s profitability and sustainability rules (PSR) through player sales by selling the women’s team to the club’s parent company. Chelsea announced they had turned last year’s pre-tax loss of £90.1m into a pre-tax profit of £128.4m for the financial year ending 30 June 2024.

The results were filed at Companies House by Chelsea FC Holdings Limited and represent a significant shift after heavy losses under the ownership of Clearlake Capital and Todd Boehly in previous years.

Although Chelsea’s revenue dipped to £468.5m after another season out of the Champions League for the men’s team, they said their financial picture “benefited from increased profit on disposal of player registrations and repositioning of Chelsea Football Club Women Ltd”. The club added that “profits on disposal of player registrations of £152.5m and a profit on disposal of subsidiaries of £198.7m led to an overall net profit of £129.6m after tax”.

It was predicted at the time of last year’s takeover of the women’s team by Chelsea’s parent company, BlueCo 22, that the deal would help Chelsea comply with PSR. The move has faced scrutiny from the Premier League in relation to rules around fair market value and associated-party transactions. The league passed Chelsea selling two hotels at Stamford Bridge to BlueCo 22 for £76.5m last year.

Chelsea said the team’s sale would ensure “CFCW has dedicated resources, management and commercial leadership solely focused on the growth and success of the women’s team”. The club are on course to win a sixth straight Women’s Super League title.

It has been turbulent for the men’s team under Clearlake, the majority shareholder, and Boehly. Chelsea have not been in the Champions League since the 2022-23 season and have been hugely active in the transfer market. They have spent more than £1bn on signings but have also looked to raise funds through outgoings. The sale of homegrown talent helps because money received for academy products goes down as pure profit. Among the players sold in the most recent financial year were Mason Mount, Ian Maatsen and Christian Pulisic.

Chelsea acknowledged that not competing in Europe’s premier competition had affected their revenue. However, their broadcasting income rose thanks to a sixth-placed finish in the Premier League and appearances in the Carabao Cup final and the FA Cup semi-finals last season. Operational costs decreased to offset the fall in revenue.

There was also an increase to £80.1m in match-day revenue, although Chelsea continue to explore a possible deal to leave Stamford Bridge and move to Earl’s Court. Boehly has suggested that divisions over stadium redevelopment plans could lead to the end of his uneasy partnership with Clearlake.

 

Edited April 1 by Vesper

[Vesper 29,445]

Chelsea’s accounts explained: Women’s team sold for £200m, profit posted, UEFA spending limit breached

https://www.nytimes.com/athletic/6257167/2025/04/06/Chelsea-accounts-womens-team-200m-uefa-breach/

Chelsea’s accounts have become essential reading since Behdad Eghbali’s Clearlake Capital and Todd Boehly bought the club in May 2022 — and the most recent filings are no different.

The full figures for 2023-24 were released on Saturday morning and confirm that Chelsea valued their women’s team at £200million ($258m) when selling it to Blueco 22 Midco Limited — a company within the club’s broader legal structure.

The £198.7m profit Chelsea generated from the sale enabled them to post a pre-tax profit of £128.4m for the year ended June 30, 2024, and meant they complied with the Premier League’s profit and sustainability rules (PSR).

Chelsea’s sale of its women’s team to a sister company, however, is still being assessed by the Premier League from a fair market value standpoint.

The club acknowledged that “the conclusion of this process may result in a material change to the gain recognised” in last season’s accounts.

UEFA takes a different approach from the Premier League. European football’s governing body does not allow for the sale of tangible assets to sister companies to count towards its financial fair play (FFP) calculations. UEFA is in talks with Chelsea over a financial settlement after its spending limits were breached.

Through a Premier League lens, Chelsea’s £128.4m pre-tax profit meant the club’s combined result across the 2022-24 PSR cycle was an £83.1m loss, which is allowed within their £105m PSR loss limit even before any deductions for allowable expenditure are made.

Without selling their assets to themselves — including two hotels in 2022-23 — Chelsea’s pre-tax loss over the last three years would have been £358.3m, more than three times the amount permitted by the Premier League, albeit their PSR loss reduces from that level once allowable costs are deducted.

---

What do these accounts tell us?

Although Chelsea posted a significant profit compared to their £90.1m loss in 2022-23, there was little change in the underlying numbers. Chelsea’s operating loss remained at more than £200m, improving marginally to £213.3m (2022-23: £218.0m).

Nearly all Premier League clubs lose money at the operating level, but Chelsea’s deficit is far and away the worst. Only Aston Villa’s losses (£145.3m) surpassed £100m, let alone £200m.

 

Boehly, left, and Eghbali bought Chelsea in May 2022 (Crystal Pix/MB Media/Getty Images)

That operating loss held steady despite revenue falling £44m (nine per cent) to £468.5m, driven by no European football for the first time since 2016-17. Broadcast income fell 28 per cent as a result, though that was partially offset by increases in gate receipts — up £3.6m to £80.1m — and commercial income, which increased by £15.2m to £225.3m.

Offsetting the reduced income were savings in the overall wage bill and a drop in player amortisation costs, though both of those come with caveats.

Chelsea’s wage bill fell £66m to £338m, but 2022-23’s figure included an estimated £45m in termination payments.

The fall in the underlying wage bill was, therefore, less, albeit the cost of sacking Mauricio Pochettino and his coaching staff in May is undisclosed.

Chelsea’s wages to revenue sat at 72 per cent, a seven per cent reduction in a year but still the highest of the ‘Big Six’ by nearly 10 per cent. Liverpool, the next highest, are on 63 per cent.

What about the women’s team sale?

The accounts confirm that Chelsea valued their women’s team at £200m, which is £105m shy of what Saudi Arabia’s Public Investment Fund, PCP Capital Partners and Reuben Brothers paid for Newcastle United in 2021.

Also worth noting when considering the £200m sale price is that Chelsea Women posted an operating loss of just under £9m on revenues of more than £11m in 2023-24.

The Premier League is still assessing the fair market value of this transaction, with Chelsea FC Holdings Ltd’s accounts warning that “the sale agreement contains a clause requiring an adjustment to the consideration receivable if the Premier League’s determination of fair market value differs from the £200m recognised”.

What happened with the hotels they sold in 2022-23?

The Athletic reported how the Premier League had adjusted the value of the two hotels — the Copthorne and Millennium — Chelsea sold to another intra-group company, Blueco 22 Properties Limited, in 2022-23.

At the time, neither Chelsea nor the Premier League confirmed how much had been knocked off the club’s £76.5m sale.

The latest set of accounts show that — in July 2024 — the Premier League reduced the profit by £6m, the impact of which will be seen in the 2024-25 accounts.

 

Chelsea sold one of their two hotels to another intra-group company (John Walton/PA Images via Getty Images)

Is there anything to know about the owners’ loans?

Alongside Chelsea’s accounts, those of other entities in their group structure also landed on Saturday.

They laid bare the underlying performance of the multi-club organisation Clearlake and Boehly head, as well as the extent of the borrowing required to fund it in its first two years.

As per the accounts of 22 Holdco Limited, the group held bank loans at the end of last June totaling £1.165bn, of which £755.2m is repayable by July 2027 and £410.2m by August 2033.

The former attracts interest at 7.5-8 per cent based on current rates, while the latter is serviced via payment in kind (PIK) interest that accrues year-on-year up to the point the loan is due for repayment.

The PIKs accrue at around 12 per cent currently; a rough estimate based on those rates and the August 2033 repayment date gives a total cost of servicing the loan of over £850m (if no repayments are made between now and then) — more than double the loan itself.

A total of £58.9m was paid out by 22 Holdco in cash interest in the year to June 30 2024, a figure that would have been higher if the PIK interest was paid as cash instead.

To date, those interest costs have been borne by Boehly and Clearlake — there is no evidence of Chelsea stumping up the sums to service the parent company loans.

While the PIKs aren’t impacting cash at the moment, they are accounted for in 22 Holdco’s income statement, where net interest payable last year was more than £100m. That contributed to a pre-tax loss for the group of £473.2m, taking losses over the last 28 months beyond £1bn.

What do these numbers tell us about their ability to spend big in the summer?

Since Clearlake Capital and Boehly bought Chelsea from Russian oligarch Roman Abramovich — following a forced sale by the UK government — for £2.3bn in May 2022, their tenure has been defined by heavy spending in the transfer market, totalling more than £1bn across three seasons.

In 2023-24, Chelsea splashed out £552.7m on new players — the second-highest single-season spend ever, only trailing their own £745.2m a year earlier.

This included the signings of Moises Caicedo from Brighton & Hove Albion for £115m, Romeo Lavia’s £53m switch from Southampton to Stamford Bridge, Cole Palmer’s £42.5m transfer from Manchester City and Christopher Nkunku’s £52.7m arrival from RB Leipzig.

 

Caicedo joined from Brighton for £115m in the summer of 2023 (Darren Walsh/Chelsea FC via Getty Images)

Chelsea can now boast four of the top five one-year spends by English clubs, with only Manchester City (£328.1m in 2017-18) getting in their way.

The upshot of that activity is Chelsea’s squad is now the most richly assembled in world football, by a long way. The club’s squad cost sat at £1.437billion at the end of June 2024; in second, Manchester City are over £300m behind.

The spending hasn’t stopped there, though.

The accounts disclose Chelsea spent £167.8m in this season’s summer window, and they’ve since committed to spend more than £60m on Geovany Quenda and Dario Essugo.

Although they have spent big in recent windows, Clearlake and Boehly have proven adept at making money on the players they sell.

The 2023-24 accounts show that Chelsea sold players, including Mason Mount, Ian Maatsen and Omari Hutchinson, for a combined £186.8m last season, a profit of £152.5m, the highest recorded in English football. Chelsea had set the previous mark of £142.6m in 2019-20. Across the last decade, Chelsea have sold players for a total of £1.197bn, generating £842.8m in profit.

As for whether they can embark on another round of spending in the summer, there is nothing — at least from a Premier League PSR perspective — to suggest they can’t. It will likely be a different story from a UEFA standpoint.

Is there anything else you should know?

Player amortisation costs fell by £13.1m to £190.1m, which could be viewed as a surprise given how Chelsea have continued to spend heavily in the transfer market.

The fall reflects their policy of handing out lengthy contracts, meaning their spending is spread out over a longer term than would usually be seen elsewhere. Premier League clubs voted in December 2023 to limit transfer fee amortisation to five years, though the limit was not backdated.

Even so, going forward, it means Chelsea’s amortisation figure per their accounts is likely to differ from the one they have to include in their PSR calculations.

UEFA has limited player amortisation to five years, and its limit crucially applies to post-June 2023 signings (the Premier League’s limit is only for signings made after December 12, 2023), meaning the fees paid for Caicedo, Lavia and Nkunku, among others, can be amortised across their contract lengths for Premier League PSR but only over five years for UEFA.