I must preface this post with the statement that I find all that is happening in Ukraine to be repulsive and I wholeheartedly agree with anyone who says that situation is more grave than any new stadium, player investment, etc, etc. That should not, however, cease conversation on other subjects so I hope readers will bear with me in my belief that my post to follow is more to do with the 'flexibility' of the media and powers that be whenever it suits their agenda.
Thankfully, we have done the right thing in disassociating ourselves from our three Russian sponsors. I am not overly concerned about the Usmanov situation as I believe Moshiri to be solid at his £1.9 billion independent net worth! He is the 13th richest owner in the Premier League even if not the outright richest (thank God!) Moshiri's worth is one place and £0.24 billion behind The Sith Lord Darth John Henry in 12th.
My question relates to the proposed sale of Chelsea by Abramovic. If he writes off the club's £1.5Bn loans as he has stated is his intent, how does that affect them for the insultingly ironically-named Financial Fair Play?
On the face of things, it's a noble farewell gesture from him - especially also donating all net profits of the club sale to Ukraine war victims. Of course a condemnation of Putin would have been much more welcome. However, I suspect doing so could get Novichok sprinkled on Abramovic's Corn Flakes!
I'd like to know how a loan debt almost equal to the entire net worth of our owner can be simply eradicated. Yet somehow there is no mention of it being a monumental advantage of unparalleled degree for Chelsea. As if even having such colossal loan debt wasn't already a huge advantage before it's erasure.
How is that question not even mooted in any of the news reels?
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Posted
02/03/2022 at
18:29:12
Abramovic selling Chelsea.
He is not wanting any of the £1.5 billion loan paid back, so effectively writing it off.
Since 2003 when he took over, they have won over 20 trophies. Meanwhile at Goodison Park.
I suppose we may get some complimentary Blood Brother's tickets from Bill.
Living on the never never.
Posted
02/03/2022 at
19:31:06
I wonder if the government will sit back and let this play out "for the good of football" or if they'll rush through sanctions to avoid the optics of the oligarch walking away with a golden handshake -- minus "net profits"?
Either way, from a footballing perspective I think it's bad news for Chelsea. One prospective owner, Swiss guy, only has a net worth of £4.5 billion versus the £3 billion sale price.
He is talking of forming a consortium of billionaire owners. That didn't work well at QPR. Too many Type A personalities jostling for control. Similar issues at Arsenal when you had Usmanov and various other part owners.
But if Chelsea and other clubs start looking for "clean" investment, then I think the days of super rich owners with open pockets are over.
Posted
03/03/2022 at
08:14:52
An interesting question. Abramovich appears to be taking knee-jerk decisions to decouple himself from Chelsea and this is the latest move. He is obviously fearing that he could lose more than Chelsea.
Like the Trust move, any hitches will materialise as the process starts. It could be that the loans are discounted to the purchaser. If the purchaser is from Switzerland, little information will be available and a lot less than the proposed transfer to the Trust.
A new Owner will get a light touch from the Football authorities.
Posted
03/03/2022 at
09:31:49
Good article Jimmy, I'd wondered the same. Also, if a Chinese billionaire comes in, will there be uproar or is it just Russians we're outraged by now? How about another repressive middle-Eastern regime?
Perhaps it's time for a complete overhaul of the football funding set-up. Let's face it, all this money has simply gone to make players and agents richer, and consolidated the Top 4 in the Premier League as the world leaders in football. And that's not done us much good!
I won't hold my breath though.
Posted
03/03/2022 at
18:53:18
The Tories are far too entwined with the dirty rusky money to sanction, freeze assets and generally play hard ball, immediately. weeks and months before they will do anything really harsh, to their benefactors. Too many skeletons in cupboards !!
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1 Posted 02/03/2022 at 18:27:29