Thursday, June 13, 2024
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Chelsea transfer news: BlueCo 22 reveals massive loss as FFP breach looms

Chelsea’s pre-tax losses stand at over £90 million for the period covering March 2, 2022 and June 30, 2023, highlighting the club’s precarious standing in regard to Financial Fair Play (FFP) as well as profit and sustainability rules.

The losses have been revealed in the accounts of BlueCo 22, set up by Toddy Boehly and the Clearlake Capital investment group in order to purchase Chelsea and Racing Strasbourg in Ligue 1.

BlueCo 22 announced net losses after tax of £653 million for the period covering March 2, 2022 and June 30, 2023.

Chelsea’s club accounts are yet to be posted but the BlueCo numbers reveal the danger the Stamford Bridge outfit are facing in terms of FFP.

Over a three-year period, clubs are currently permitted to lose £105 million. In the previous reporting period, Chelsea announced losses of £121.4 million.

Conor Gallagher
© IMAGO – Conor Gallagher

Chelsea looking to sell £100m worth of players this summer

Although the club believe they will remain compliant, it’s been reported that they will have to sell around £100 million worth of players to balance the books before the end of June.

That means the likes of Conor Gallagher and Trevoh Chalobah could be looking at Chelsea exits this summer in an effort to make room in the budget.

A club quote carried by The Telegraph insists that they remain confident of staying in line with the Premier League’s Profit and Sustainability Rules (PSR) as well as UEFA’S FFP regulations.

“The club continues to balance success on the field together with the financial imperatives of complying with Uefa and Premier League financial regulations. The club has complied with these financial regulations since their inception in 2012 and expects to do so for the foreseeable future.”

The accounts show that Chelsea posted overall revenues of £512.5 million – up from £481.3 million, making a profit of £142.2 million on the disposal of player registrations and fixed assets.

Todd Boehly
© IMAGO – Todd Boehly

BlueCo 22’s failed Strasbourg experiment

BlueCo 22’s purchase of Strasbourg, as a first step towards establishing a multi-club empire, was revealed to have cost £64.9 million last year and is being seen in France currently as a botched experiment.

Strasbourg spent big last summer, breaking their club record fee for defender Abakar Sylla, who cost €20 million, as well as adding Emanuel Emegha from Sturm Graz for around €12m.

Dilane Bakwa and Junior Mwanga, meanwhile, were recruited from Bordeaux for a combined €20m.

However, they have not won a single game in 2024, drawing three and losing five. The Alsace side remain under the threat of relegation with Boehly and BlueCo facing fan protests inside their Stade de la Meinau ground.

Captain Mats Selz was sold to Nottingham Forest in winter, provoking outrage and fans are unhappy with loan players arriving from Chelsea, such as Andrey Santos, who they deem to be substandard.

A move for Deivid Washington, meanwhile, is reported to have been blocked by coach Patrick Vieira.

Angelo Strasbourg
© IMAGO – Angelo Strasbourg

Another Chelsea loanee, Angelo, started brightly but he too has gone south this year.

It’s also been reported that BlueCo blocked moves for Strasbourg targets in January as it would threaten the minutes played by the Chelsea crop on their books.

Last season’s top scorer, Habib Diallo, was sold to Al-Shabab in Saudi Arabia for around €20m but has not been adequately replaced.

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