Premier League clubs 'exasperated' after Chelsea's FFP dodge

Stuart Telford

• 20 Apr 2024 16:30 CDT
• 3 min read

Chelsea's Premier League rivals have reacted after the Blues effectively sold a pair of hotels to themselves in order to avoid Financial Fair Play repercussions.

Todd Boehly has spent more than £1 billion on players since he took control of the club in May 2022, with results on the pitch so far disappointing.

The West London club are ninth in the Premier League, and for every Cole Palmer - who has returned 20 goals and nine assists since his £40 million move from Manchester City - there have been multiple players who have completely underwhelmed.

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And the outlay for them - €121m for Enzo Fernandez, a potential €100m for Mykhailo Mudryk - means the FFP noose has begun to tighten around Chelsea's neck.

That was until Chelsea FC Holdings Ltd sold the Millenium and Copthorne hotels, with associated parking, to Blueco 22 Properties Ltd for £76.5m. Both companies are subsidiaries of the club's holding company, Blueco 22 Ltd.

'Raised eyebrows'

What seems like obvious rule-bending has seen clubs "react with exasperation," according to a Guardian report by Jacob Steinberg.

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"An executive at one top-flight club was incredulous after learning of the deal," it continued. "And another club were left with 'raised eyebrows' and were said to have read the accounts 'with interest.'"

The report didn't say who the clubs were, but Everton and Nottingham Forest have both had punishments meted out to them in recent weeks and months despite what appear to be lesser contraventions of the rules.

Everton have had a total of eight points knocked off this season, while Forest were deducted four points in March.

Manchester City still face 115 FFP charges, but have thus far escaped punishment and sit second in the Premier League, a point behind Arsenal having played a game less.