The Board

[Fulham Broadway 17,746]

22 minutes ago, DDA said:

That’s exactly what they are doing. How have The Prem allowed this to happen?

Anyone backing this project is an enemy of Chelsea FC as far as I’m concerned. 

Its what the Glazers did borrow millions on the asset they 'own' syphon the cash out -with them it was a million a week - then leave the club with the debt

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massive new amount of PIK loan debt shown below (it is Cayman Islands-based, and is called COP III, it is the new facilty shown below, and it dwarfs the other 2)

Around £400m a year (which will keep increasing on a year over year basis, btw) just in INTEREST COST, and likely even more as the interest shown (11.25 per cent) for COP III is likely too low per Booby Fairview. 

Just that interest cost, (especially if the interest rate paid on the COP III loan debt is around 14, 15 per cent per annum), could well surpass our ENTIRE gross revenue intake per annum by 2027 or so

PLUS that £1.5 billion that was supposed to go to the new stadium, womens side, youth development etc, has been spent on other things

No wonder Boehly was talking about no new stadium until possibly the late 2030s or more likely 2040 or later!!

and it gets worse, as we still have to pay to RUN THE CLUB each year, pay the salaries, transfers, staff, current stadium and other physical plant expenses (ie training grounds, for all levels, and multiple other things) etc etc etc

and all this truly affects the funds (like public pension funds)who invested in it all, and those giant funds will come head-hunting for BlueCo et al as those funds are bound by law to utilise fiduciary responsibility for their 'shareholders' (for but one example think of 10s (perhaps 100s) of thousands of school teachers and other public employees)

Boehly's share of the club, due to insane losses, has already be cut basically in half in a few short years

Ares Management and others, due to the way their PIK (PIK means Payment-in-Kind and refers to a financial instrument where interest or dividends are paid using additional securities (bonds/stock) instead of cash) loans (the 22 HoldCo facility for instance) are structured, can go directly after our current owners and seize all (or a huge amount) of the club

we are so so fucked I am starting to really fear 🥵

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we are pretty likely to soon be (if not already are) a 'Sell-to-Survive' club (not even a 'Sell-to-Buy' club)

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How Does Blueco Exit Chelsea FC? 🤔 | Explained

Streamed live 3 hours ago

Alex and Bobby Fairview discuss the potential options that Blueco have in terms of finding a way to exit Chelsea FC.

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