Come here to laugh at the Fascist, Failing Chavs

[Shotgunofmichalebrow]

If they fold I’m not pouring, I’m racking lines up

Count me in for that too!!!

 

[Shotgunofmichalebrow]

I wouldn't be so sure about the government bending over for Chelsea. Sure some back benchers have their support but everything you hear from cabinet members seem to indicate the situation is being given quite short shrift by them. The next 4 weeks will be very interesting, that's for sure.

Oh I think they've spent all the Tory capital they had. In fact there appears to be a dick measuring contest on who can be tougher toward Putin.

 

[Zomb]

BRING YOUR VODKA AND YOUR CHARLIE

 

[CarrieFi]

 

[LuckyMe]

The transfer window will be completely and utterly insane if they do fold and their 100+ players - I assume, if you count their youth players who are close to first team football ready - are on the chopping block.

The scenes!!!

 

[Brian Fantana]

The transfer window will be completely and utterly insane if they do fold and their 100+ players - I assume, if you count their youth players who are close to first team football ready - are on the chopping block.

The scenes!!!

I still don't see how the players have been paid for May, they needed £30m at the start of April just to pay the wages of all staff for that month. Unless another £30m has been given to the club from Abramovich then how are they funding paying the players?

 

[Andy66]

My understanding was that if players were not paid they could walk? If that’s right, Putin FC are well and truly fucked.
this thread will need a health and safety notice, cos a shit load of yids may die laughing.
please let them go belly up. Pretty please. Pretty please with sugar on top.
PrAyers may work, sure as fuck hate does..

 

[VirginiaSpur]

I Despise Joe Lewis as well remember this is a man whom made his fortune by shorting the pound.

And good on him for doing so. It broke the back of the EU currency exchange rate mechanisms and the punishingly high interest rates that kept Britain's economy strongly suppressed.

 

[Barmby]

As much as it would be very funny if they go bust in reality that won't happen, even taking into account this latest news. Shame really.

 

[LuckyMe]

Also, (I doubt it would happen, because Chelsea) but if Chelsea did get expelled from the PL next season, who would make up the numbers? Would a team from the PL not be relegated, or would an additional team come up from the Championship?

There might be something in the PL "rules" already, but my gut feeling is, they haven't put it in, because they don't in anything that would suggest that a club could possibly fold, in the financially strongest league in the world by a loooong mile.

My guess would be that they keep an extra club not to be relegated. To protect their own closed club. My hope would be a playoff between number 18 and the Championship playoff loser. That would be the most fair solution. I'm only holding out hope for that because it would be a money grab. Billed as a one-off that won't happen again.

 

[Tomo]

As much as it would be very funny if they go bust in reality that won't happen, even taking into account this latest news. Shame really.

What do you think the government does if Abramovich refuses to sell.

 

[Spursidol]

But why has this come out now in the week the Boehly exclusivity contract ends? The timing isn't coincidental. This is the part from the Times article which suggests to me that someone has leaked this loan news in an attempt to torpedo the Boehly deal. Whatever is happening, this is going to run for a while.

Last week the consortium led by Todd Boehly, the co-owner of the Los Angeles Dodgers baseball team, was informed by Chelsea’s US bankers that it had been given a five-day period of exclusivity as preferred bidders.
But sources from the rival bid groups said it was only “days” before that decision was taken that they were informed that the loan, which is in trust in Jersey, needs to be repaid on the sale of the club.

When Abramovich, 55, put Chelsea up for sale, he said: “I will not be asking for any loans to be repaid”. It is believed that he is claiming the sanctions prevent him from being able to write off the debt, but that would be challenged by the government.

The bidding groups also now believe the late change to the structure of the sale could present a serious problem, not least for the Treasury officials whose task it is to examine the deal. That could lead to Jersey’s financial authorities being asked to look into the details of the loan.

“What kind of due diligence and comfort does the government have with the loan?” said one source from a rival bid group. “We need to follow the money here and see whether Clearlake’s [the private equity firm financing the Boehly bid] repayment of that debt meets with government approval. We sought the expertise of major figures in the banking world and they are struggling to see how more than £1.5 billion doesn’t end up with either Abramovich or his beneficiaries.”

The ultimate ownership of Camberley International Investments is unclear, but it appears to be linked to Abramovich or family members.

Fordstam’s latest accounts state: “Funding is provided by the ultimate controlling party, Mr R Abramovich.” The accounts also state in the “related party transactions” section that “Camberley International Investments Ltd provides funding to Fordstam Ltd and its subsidiaries as required to enable the Group to continue as a going concern”.

The accounts show that as of June 30, the balance on all related party loans was £1.514 billion though it is understood the debt now stands at close to £1.6 billion.

Jersey’s register of companies shows Camberley International Investments was first registered in August 2020 but it is difficult to ascertain the ultimate controlling parties. The company document was signed by Andrew Duncan, a director of Zedra Trust Company (Jersey) Ltd, a corporate services provider which works with “high net-worth individuals”.

The Times contacted Duncan and asked if Camberley International Investments was connected to Abramovich. He responded by saying: “We are not commenting on anything.” A spokeswoman for Abramovich did not respond when contacted for comment. Chelsea have also been approached for comment.

Really surprised that the loan issue has just come up.

There is a professional investment bank handling the sale and to 'tidy up' things the logical thing would have been to say to Mr A, 'we are taking you at your word that you do not need the loan to be repaid to you - please sign this document which assigns the loan to this newly set up charity whose purpose is to aid victims of the Ukraine war - the trustees of that charity will be in charge of disbursing the funds.'

If he doesn't sign say to Chelsea fans, 'sorry your owner lied so we have to deal with matters another way, which may have the effect of making Chelsea the bankrupt''

 

[Barmby]

What do you think the government does if Abramovich refuses to sell.

To be honest I don't know but they will fudge a solution that he's happy with. They shouldn't but they will, and they'll say they are saving a major employer. They aren't going to let them crash.

The football authorities should have very searching questions over FFP however.

 

[Andy66]

Spent5 minutes on shed end site. It’s hurting me. Likening it to middle ages witch hunts. Blaming it on gov. Blaming it on any but their sainted RA.
and real fear of them folding.

 

[Archie]

Plus wouldn't it be in the interest of the other PL teams to delay their part in any decision making process with the PL and make the process drag on as long as possible if it means it ruins Chelsea?

Don't new owners have to be signed off by the other clubs?

Hope that's true...Daniel nows your chance to be a force for good...

 

[Tomo]

Spent5 minutes on shed end site. It’s hurting me. Likening it to middle ages witch hunts. Blaming it on gov. Blaming it on any but their sainted RA.
and real fear of them folding.

If they are kicked out of the prem watch a mob turn up at the ground with Abramovich pictures and probably a few Z flags to boot.

 

[Andy66]

If they are kicked out of the prem watch a mob turn up at the ground with Abramovich pictures and probably a few Z flags to boot.

Think your right. Their NF and BNP mates will be out in force.

According to some in there, no link between RA and Putin.

some are blaming Biden (secret yid)

 

[LuckyMe]

To be honest I don't know but they will fudge a solution that he's happy with. They shouldn't but they will, and they'll say they are saving a major employer. They aren't going to let them crash.

The football authorities should have very searching questions over FFP however.

If the government and especially Boris personally were experiencing plain sailing and winning popularity contests, I might agree. But with partygate, among other things, still lurking, I feel like taking a hard stance against Putin is a win, they can't and will not pass up.

To the contraty of your point, then posing it as an extremely difficult decision (given the it's a major employer, as you say, plus a "cultural institution") but a necessary decision is a PR playbook wet dream in Boris' current situation imho.

 

[Brian Fantana]

This is interesting (annoying) that there won’t be any hold up with the PL

 

[Andy66]

One of their posters said they could get sold for a quid again . (For those with long memories).