Chelsea get rid of two hotels in £76.5 million deal
Chelsea spent over £200 million in this summer’s transfer window without making any significant sale, barring that of Conor Gallagher to Atletico Madrid. As things stood previously, they were at a risk of breaching the Premier League’s Profitability and Sustainability Rules but such fears have now been eased.
Sky Sports has reported that the Blues have closed out the sale of two hotels which they owned. The Millennium and Copthorne hotels located next to the club’s home ground, Stamford Bridge, were gotten rid off in a deal amounting to £76.5 million.
The sale of both the properties has been ratified by the Premier League and having originally been accounted for a deal in June 2023, their losses for the 2022/23 financial year stand at £89.9 million as opposed to the previous £166.4 million.
Essentially, the real estate remains under Todd Boehly’s ownership as it was a transfer from one hand to the other. Chelsea FC Holdings Ltd sold the hotels to BlueCo 22 Ltd, which is the Blues’ parent company run by the American businessman.
With Everton among the teams that have been slapped with point deductions in recent months, Chelsea would have also been caught off-guard by the Premier League but their cash inflow of £76.5 million has given them security about not breaching any financial guidelines. As such, clubs are permitted to make a loss of £105 million, calculate on a three-year rolling period.
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Their financial situation was also the reason why they were unable to meet Napoli’s stern demands for Victor Osimhen, who has now joined Galatasaray on a loan spell but with improvements in that regard, some more signings in the winter transfer market will surely be on the cards for Chelsea.
