On 02/05/2026 at 15:37, WhiteWall said:

What I think the guys haven't joined the dots on yet though is that it can't be BlueCo out because no idiot would pay for this massive fck up of a loss making machine. If I am understanding this correctly there is loan debt of 3.8Bn plus 1.8Bn of operating losses for the group. Who's pockets run to 5.6 Bn and rising for club in a small ground, with an underperformed team, financial restrictions imposed by Uefa, strict domestic PSR rules.

Surely the ultimately end, which the guys haven't openly said, is that we could well be bust and it's just a matter of time before these fakes go pop.

9 hours ago, SydneyChelsea said:

By selling the club/holding company. The holding company's debt has little material affect on Chelsea, because the financial rules strictly limit how much an owner can invest to clear club losses anyway. There is more risk of problems from BlueCo's inability to find commercial sponsors, and our lack of CL football, than we are because of their debt-fuelled spending.

Right now, despite the omnishambles, they would likely break even on the amount they have invested. A healthy club would been ripe to sell at a profit. The only difference is that BlueCo are likely to divest completely if all they can get is break even, whereas they will almost certainly never sell if they are in a healthy, profitable position since the club's value would continue to appreciate.

I've slowly got around to watching some of the fan/social media commentary in those videos you posted about. I think that while some of the concerns are valid, ultimately the accountants are thinking like PE accountants and not PE investors. Anyone thinking that Eghbali et al actually listen to professionals like accountants and actuaries and data analysts before making investment decisions is deluded; expert advice is only needed to negotiate price. At that level of wealth, the only decisions that matter are the ones that you can fully take credit for. The loan fromJP Morgan can and will be refinanced, and the PIK debt to Ares Management simply means that they will own a minority stake in the club in 2033, assuming BlueCo decide not to pay them back. It is even likely that is a deliberate strategy by BlueCo, to further their stakeholders' other interests.

The idea that these debts are leveraged against the club's assets is a stretch and is unnecessarily alarmism. The current rules limit owners to injecting £35m a season to cover debts, so we'd actually be better off overall if we ditched BlueCo and signed a £40m/season shirt sponsor.

It's also really important to understand that this way of financing is the default across the Premier League, and most of football. It's a house of cards, but it is what it is. There are probably only 5 clubs in the last 20 years that did not use this model - PSG, Man City and Newcastle being directly financed with cash from a sovereign investment fund, and Real Madrid and Bayern who are genuinely profitable. It's possible that Roman also financed the club with personal cash rather than leveraging his assets, not sure. It's also about to get a whole lot more common because shareholder loans eg what Arsenal, Brighton and Forest have been bankrolled by are now required to charge market interest instead of being interest-free.

Your mate Johnny Minerals is spot on actually, when he said his biggest fear is that despite all the apparent financial turmoil and debt, there also seem to be so many escape routes that it doesn't matter and Clearlake will just keep on doing what they do. I agree with this, and I agree with anyone else who says that protest is the only vehicle that impacts Clearlake's reputation and ultimately, makes for change.

It’s as though normal business logic disappears down the tube when it applies to football finance. How can a club which consistently haemorrhages hundreds of millions, with limited growth potential in terms of global untapped commercial potential, be an appreciating asset. Even factoring in Sports Washing in the case of the Saudi’s, vanity projects as was the case with Roman and a few others, it just doesn’t add up. Wouldn’t be remotely surprised if some key club owners backed out, leading to stampede of others following suit

1 minute ago, Timmy Elms said:

It’s as though normal business logic disappears down the tube when it applies to football finance. How can a club which consistently haemorrhages hundreds of millions, with limited growth potential in terms of global untapped commercial potential, be an appreciating asset. Even factoring in Sports Washing in the case of the Saudi’s, vanity projects as was the case with Roman and a few others, it just doesn’t add up. Wouldn’t be remotely surprised if some key club owners backed out, leading to stampede of others following suit

Not to mention a shrinking pool of shirt sponsors once the ban on gambling companies comes into force ...

They've gone from being in a good negotiating position after the Club World Cup to a very poor one off the back of a really bad season and likely lack of European football/exposure in 26/27.

The Premier League allowing half of the league to be owned by billionaire Americans will destroy it. Fans barely make any noise anymore, tickets are sold to tourists and they are eroding the soul of every club they touch. All of this fuss about Arabs and Russians "ruining football", but it's the billionaire Americans that will do that, because at least the Russians and Arabs want to create a great football team, the Americans are only in it for the money. When it comes to atmosphere, the Premier League has gone from one of the best to one of the worst in world football. German fans are incredible, so are the French, fans from Brazil and Argentina are on another level entirely.

The way our club has been used by these pricks just wouldn't be accepted in any of the countries I mentioned above.

The scammers on the board were all there to see the mess that they've created. If the owners had any balls they'd sack the lot.

Just now, timetowaste said:

The scammers on the board were all there to see the mess that they've created. If the owners had any balls they'd sack the lot.

Instead they give them, and themselves, hue raises.

Make themselves personal fortunes, that's all that seems to matter

As much as I hate Carragher, I'm 100% with him on that one.

2 minutes ago, abramovich said:

As much as I hate Carragher, I'm 100% with him on that one.

He is spot on.

4 minutes ago, Scott Harris said:

The Premier League allowing half of the league to be owned by billionaire Americans will destroy it. Fans barely make any noise anymore, tickets are sold to tourists and they are eroding the soul of every club they touch. All of this fuss about Arabs and Russians "ruining football", but it's the billionaire Americans that will do that, because at least the Russians and Arabs want to create a great football team, the Americans are only in it for the money. When it comes to atmosphere, the Premier League has gone from one of the best to one of the worst in world football. German fans are incredible, so are the French, fans from Brazil and Argentina are on another level entirely.

The way our club has been used by these pricks just wouldn't be accepted in any of the countries I mentioned above.

I said ages ago the American invasion is all about getting them majority voting rights among the Premier league clubs, they can then push through funding change, TV money sharing, match times, match locations etc.

These c**ts who now own us are leeches, absolute scammers out to bleed us and football dry with no care at all about the loyal fans. They want tourists who spend in the shop, day trippers to cas in on.

Has that former rugby inspirational hype man been sacked yet?

Only asking because they need to sack someone and it can’t be the directors apparently.

Sometimes you need a bit of old school/extremist stuff still going around in countries just to make this kind of people not feel comfortable.

If this was in Eastern Europe, the owners and the Sporting Directors would find it hard to leave the stadium because of the riots. English fans are way to chill about things and society has led football fans to be afraid of rioting against stuff they do not agree with.

I hate Spanish fans with a passion, but if there is a single thing I love about them is how they make their feelings known by the players and everybody involved with the club by going to the training grounds and spitting and hitting their cars and cursing them when they leave after the training sessions. It is what every football fan should do all around the world when they see their club destroyed by a bunch of nobodies.

I don’t normally agree with Carjacker but this hits the nail on the head

Just cookie cutter responses saying the same thing after every defeat.

Respond to what? You’ve lost 6 in a row you imbecile.

Edited May 4May 4 by Sconnie Blue

44 minutes ago, charierre said:

I don’t normally agree with Carjacker but this hits the nail on the head

There was a point when you could argue with him but now you can’t as the evidence is there for all to see absolute clown show.

How big are the pay increase going to be for them after this disaster of a season?

70% instead of 80%?

29 minutes ago, Sconnie Blue said:

Just cookie cutter responses saying the same thing after every defeat.

Respond to what? You’ve lost 6 in a row you imbecile.

Awww, they gave everything they had, Which is not a lot, not counting their bank accounts.

1 hour ago, charierre said:

I don’t normally agree with Carjacker but this hits the nail on the head

He’s not wrong. Football is no different than any organization. If the people at the top are sh*t at their jobs it will trickle down for everyone to have sh*t on their face including the fans. Unless blueco change their ways, the only solution is for them to sell the club

They are happy to revamp the club from top to bottom in a matter of weeks from purchasing the club. Getting rid of crucial people responsible for the club's success in winning major trophies for 20 years.

But they want to turn a blind eye on their 5 sporting directors who have spent 2 billion on bang average players and hiring bottom half tier managers.

MAKE IT MAKE SENSE

55 minutes ago, Sconnie Blue said:

Just cookie cutter responses saying the same thing after every defeat.

Respond to what? You’ve lost 6 in a row you imbecile.

In all fairness to callum his hands are tied behind his back. He’s not going to be the next manager and he wants to keep his job at Chelsea so he’s just going to regurgitate everything Liam and Maresca were saying all season

I'd guess Reece and Moi are the two they will hold on to and the rest are up for grabs to hold off the debt collectors for another season.

1 minute ago, Sconnie Blue said:

They are happy to revamp the club from top to bottom in a matter of weeks from purchasing the club. Getting rid of crucial people responsible for the club's success in winning major trophies for 20 years.

But they want to turn a blind eye on their 5 sporting directors who have spent 2 billion on bang average players and hiring bottom half tier managers.

MAKE IT MAKE SENSE

It's a scheme they stubbornly stick to and are now in debt and cannot spend.

They are kicking the can down the road for as long as they can do so, taking what money they can out of the club for their own pockets until either the 10 year period is up and they look to get out or the debts overtake them and Ares management takes the club away like they did with John texetor and Lyon.

Unless the protests make it not possible for Clearlake to avoid taking damage those are the only 2 futures we have.

6 more years of this or Administration with Ares taking control.

I just hope by the time we are stuck in the bottom half and all the money is gone that the orange peado has stopped bombing the Middle East so maybe someone from their might be interested in buying us.

Our only hope now is a owner without egos who get football people into the club

2 minutes ago, El regreso said:

I just hope by the time we are stuck in the bottom half and all the money is gone that the orange peado has stopped bombing the Middle East so maybe someone from their might be interested in buying us.

Our only hope now is a owner without egos who get football people into the club

Don't see it happening.

I honestly feel we will need administration and a long term rebuild.

17 minutes ago, Frankie8Lampard said:

In all fairness to callum his hands are tied behind his back. He’s not going to be the next manager and he wants to keep his job at Chelsea so he’s just going to regurgitate everything Liam and Maresca were saying all season

He only got the job because he’s Joe shields mate. He’s just another unqualified qualified yes man

How much money did the spud Johnathan Goldstein and his people take from the club for "stadium planning"?

Seeing a fan of the ckub since 1963 speaking in tears saying he is embaressed to be a Chelsea fan. When is the breaking point where the only message is BlueCo out!

We're past the point of no return I'm afraid.

Being competitive again is a pipe dream.

The focus now should be on trying to avoid the consequences of the financial mess we're in. It would take massive changes and maybe even a miracle in order to avoid ending up where Leicester are in a couple of years.