Premier League make decision on Chelsea hotel fiasco

Jacque Talbot

• Updated: 4 Sept 2024 19:18 BST
• 3 min read

Chelsea have received Premier League approval for the £76.5 million sale of two hotels, ensuring the transaction complies with the league's profit and sustainability regulations, according to reports.

The Blues' financial accounts for the 2022-23 season revealed a loss of £89.9 million - but it could have grown to £166.4 million had the club not sold the Millennium and Copthorne hotels, both of which are situated near Stamford Bridge.

The properties were transferred from Chelsea FC Holdings Ltd to BlueCo 22 Properties Ltd, both of which are subsidiaries of Chelsea's parent company, BlueCo 22 Ltd.

The club had an assessment to ensure the sale reflects a "fair market value" under the league's related-party transaction rules, and they have passed according to ESPN.

The Premier League has completed its review of the sale and determined that the deal falls within an acceptable range.

Chelsea were reportedly confident that the club would continue to meet the financial regulations both in past seasons and during the 2024-25 accounting period.

Chelsea to pay Arsenal

The same report stated that Chelsea will have to pay Arsenal a sizeable fee as part of Raheem Sterling's move to Emirates.

It was no secret the Blues wanted the winger out. Sterling was on a hefty £325,000 per week salary but was not needed for the already inflamed Blues squad.

Enzo Maresca had informed Sterling has he was no longer a key part of his plans despite the 29-year-old featuring prominently in pre-season.

On Deadline Day, Arsenal got the player on loan. ESPN reports that: "The eventual agreement with Chelsea required Arsenal to pay less than half of Sterling’s wages, with no loan fee involved.

"This meant that over the course of the season-long loan, Chelsea would be footing the bill for around £10 million of Sterling's salary while he played for one of their Premier League rivals."

As revealed by FootballTransfers, Arsenal stepped up their pursuit of Sterling and ultimately managed to secure a deal for the veteran. He joined the Gunners on a loan deal without an option or obligation to buy, though it looks as though Chelsea are footing the bill in terms of wages.