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Yeah, “fair value” but I wouldn’t put it passed them trying itIs there anything stopping them from selling it back to Chelsea for £1 and then just repeating?
I’m out of my depth here but I guess that the Hotel would be very well used, obviously for those attending each home game but this also extends to NFL, Rugby League and Union games, boxing and then the concerts. But in addition to this there are now some significant events and conferences that are ramping up. Why do I think this lot make it busy hotel? Where do they go locally? The only decent one I can think of is Cockfosters/Hadley Wood (can’t remember its name). But basically you are either staying in a shithole of you’re staying in central London.Future cash flow underpins our hotel development. Sweating the asset and rental income will be key to what happens. Personally I think they will try and sell it off, as they have done with other assets they own, but they will have an unrealistic opinion of it’s value so won’t be able to flog it. So they’ll keep it for now and just wrap it up with the club when they sell. I think it’s a huge risk building it personally, it has the potential to be a huge white elephant. Probably why they are trying to de risk and find investors to pay for its construction and potential purchase down the line. Potentially why we won’t see that investment. If you are Qatar, for example, why take the added risk of investing in a run down area of london with an asset that might not work when you could buy a plot of land in the north of England and put a huge shed up and sell/rent that off to Amazon or similar to occupy. Where your risk is less and ROI is so much higher.
Chelsea, getting the site ready for a couple of years time when they might try and sell up (I believe they can’t sell within a certain time frame but can’t remember what it is) because there are no alternative sites in west london is a good idea. They aren’t going to be in it for the long haul.
Sure, but it’s not like this is an arms-length transaction in the first place. They moved it from one company to the other that has the same directors. I just can’t believe that’s above board. Surely someone has to see through the charade?Yeah, “fair value” but I wouldn’t put it passed them trying it
Yeah you would think the PL would challenge it.Sure, but it’s not like this is an arms-length transaction in the first place. They moved it from one company to the other that has the same directors. I just can’t believe that’s above board. Surely someone has to see through the charade?
So, these dodgy fuckers sold a Hotel from Chelsea to a subsidiary Boehly company to realise a book profit of £76m to avoid PSR sanctions
View: https://x.com/KieranMaguire/status/1779031635838603541
View: https://x.com/slbsn/status/1779891263140966532
Right, so we are in fact in limbo on whether the PL has or hasn't approved the Hotel deal in these accounts. Because at the time they produced these accounts (20th Dec '23) they 100% didn't have the PL's approval but because they deliberately didn't submit their accounts until last week, and then chose to post the hard copy to Companies House to delay their publication even more (99% of companies file vis the internet these days) the PL might have approved the Hotel deal within this 3 months (from production to submission) period of delay tactics.
Yet another thing we have to wait on.
Yeah, I'm there with you I think.The day Chavs & City both inevitably escape from their current mires largely unscathed is the day I call it quits, tbh........
Football in the country has become a complete scam.
It's not just about moving the goalposts so to speak.... there are none ?The premier league is the fucking Wild West isn’t it?
Everyone is just trying to do anything to fuck everyone else over. The rules just seem to mean little
Yep, I saw that come up on my TL, Kieran Maguire who is usually very good completely missed this notation by the Directors detailing that they hadn't got the PL approval.It's very odd. If they where playing in Europe or the efl this sale wouldn't be allowed ..was just on sky sports some football finance boffin.
Historicly 100% yes. They've been fucking toothless.The premier league is the fucking Wild West isn’t it?
Everyone is just trying to do anything to fuck everyone else over. The rules just seem to mean little.
Tax man?Is there anything stopping them from selling it back to Chelsea for £1 and then just repeating?
Historicly 100% yes. They've been fucking toothless.
However, by going after City and Everton, Forrest & Leicester (almost certainly Chavs too) it has changed everything, clubs are shitting themselves for the first time ever. So weak was the PL at charging clubs, it became a farse and by handing out fines Clubs just knew they could absorb these fines as a cost of business and 9/10 it paid dividends to pay the fine as this was a minimal fee vs the gain they obtained.
I think this is what it looks like in a World where there are some teeth in the punishments.
The only real broad issue as things stand is most Clubs are still in recovery mode following COVID losses, which has caused a bit of a noisy backdrop from the clubs that have been charged so far. But when you look deeper into each of those Clubs all of them haven't got a leg to stand on, they've been caught red-handed so fuck them.
Historicly 100% yes. They've been fucking toothless.
However, by going after City and Everton, Forrest & Leicester (almost certainly Chavs too) it has changed everything, clubs are shitting themselves for the first time ever. So weak was the PL at charging clubs, it became a farse and by handing out fines Clubs just knew they could absorb these fines as a cost of business and 9/10 it paid dividends to pay the fine as this was a minimal fee vs the gain they obtained.
I think this is what it looks like in a World where there are some teeth in the punishments.
The only real broad issue as things stand is most Clubs are still in recovery mode following COVID losses, which has caused a bit of a noisy backdrop from the clubs that have been charged so far. But when you look deeper into each of those Clubs all of them haven't got a leg to stand on, they've been caught red-handed so fuck them.