No visa for Roman you say...
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These developments concerning Chelsea are rather unsettling.
I’m not sure Italy has employment laws. You’d first have to explain the concept of employment to Italian lawmakers.
From an Woolwich blog
Exposed: Chelsea’s Financial Problems
(…)
When Abramovich loaned Chelsea the money, he did not loan it direct to Chelsea Football Club Limited (the Companies House registered limited company that deals with the football side of the business). He instead loaned it to Chelsea Limited, the group holding company.
This loan was then passed from Chelsea Limited to Chelsea PLC – the company that runs Chelsea Football Club Limited as well as Chelsea Football Club Women Ltd, The Hotel at Chelsea Limited and various other companies related to the non-football side of the business.
Chelsea Limited was renamed Fordstam Limited in 2009 – when Abramovich reportedly wrote off the debt that Chelsea owned him. This meant that whilst recapitalisation of loans happened at the level of Chelsea FC PLC, it did not happen within the holding company (Fordstam).
So whilst Chelsea FC PLC do not owe anyone £1bn, the overall group holding company Fordstam Limited have horrendous financials.
Fordstam Limited’s accounts are so bad that they do not actually get a credit limit. A recent credit search on them showed “cash transactions only”.
Underneath Chelsea PLC is the football business, Chelsea Football Club Limited. This is the trading name of the real club, having been established in 1985. Chelsea FC PLC was established in 1990 (originally named Chelsea Village) to oversee both the football club, and the surrounding “village” that was built around Stamford Bridge under Ken Bates.
Chelsea Football Club Limited is in equally as bad shape. They get just a £500 credit limit. That is not a typo. They basically get the same credit as a teenager at University
As a comparison, the Woolwich Football Club Public Limited Company – which is the equivalent of Chelsea Football Club Limited in terms of that is the company which oversees the football side of Woolwich – gets a £47,100,000 credit limit.
In between Fordstam Limited and Chelsea Football Club Limited is Chelsea FC PLC. As explained, this is the company that owns Chelsea Football Club Limited, and other companies such as the hotel. This is the only major company within the complex structure that gets a credit limit, but in football terms this is not huge
Chelsea’s accounts do show a profit last year of about £15m, but this was mainly driven by player sales. A £50m loss turned around due to the sale of Oscar to China.
In their next accounts (up until June 2018) that will be announced later this year, it will once again show a huge operating loss, bought back to break even due to player sales – they raised over £100m last summer.
It means that Chelsea are in the situation where they even need another injection of cash from Abramovich or need to continue to sell to buy.
The club is on the verge of breaking down.
The likes of Eden Hazard and Thibaut Courtois want out. Both had team mates begging them to stay in their post-game interviews after the FA Cup. The sale of both will be key to raising finance to ensure the books stay even. In 2019, Chelsea will once more post an operating loss before player sales, especially with lack of Champions League football.
If they fail to sell either Hazard or Courtois, they will struggle to invest in the playing side of the club, unless they are comfortable posting an pre-tax loss. Clearly recent actions by Abramovich show that he does not want either Chelsea Football Club Limited or Chelsea FC PLC to make a pre-tax loss. He does not want to put any more of his own cash into the club.
Add in the future of Antonio Conte, the cost that it will be to get rid of him and his coaching staff – and the problems at Chelsea are really starting to mount up.
Abramovich might use the situation with his UK visa to get out of the club. He has two options that I can see.
The first is to liquidate Fordstam Limited. This is the holding company that oversees the entire group structure. This will then lead to administrators coming in to sell off parts of the club. It will be one of them £1 deals that happen in the lower leagues (and I think how Ken Bates originally bought the club).
Administration would see points deduction and potential relegation for the Premier League. The debt would disappear and what would be left is the football club. Players contracts will be considered null and void, allowing them to leave on a free.
A new owner would come in and have to rebuild from the bottom up, like we have seen with Leeds.
Alternatively, before putting Fordstam Limited into administration, Abramovich could sell Chelsea FC PLC.
Chelsea FC PLC carries no debt, but high costs.
A new owner would be unlikely to want to spend big on such a loss making enterprise, one which he might have to pump £50m a year into to ensure it stays afloat. I would be surprised if Abramovich gets much for the club if he decides to sell due to its poor financials.
f he sells Chelsea FC PLC, the club does not enter administration, it does not lose points, players or gets relegated. It just needs an owner with deep pockets willing to service the debt.
Once sold, Abramovich will send Fordstam Limited into administration, with its £1bn debt.
Some might claim “Abramovich will not want to write off £1bn”, but he is a man worth £10bn. Remember, he was happy giving his ex-wife £1bn and 4 houses!
Abramovich has always had a questionable background with links to the KGB and Russian government. Abramovich was the first person to originally recommend to Yeltsin that Vladimir Putin be his successor as the Russian president.
His friendship with Boris Berezovsky saw him purchase numerous companies after the break up of the Soviet Union for “25 times less than the market price”.
He strikes me as the type of man that will do things on the whim, and out of spite.
Whatever happens with the future of Chelsea and Abramovich, one thing is clear. Woolwich fans would be crazy to wish for Alisher Usmanov to take over at Woolwich and be subject to a single mans control, relying on him financially.
Exposed: Chelsea’s Financial Problems
(…)
When Abramovich loaned Chelsea the money, he did not loan it direct to Chelsea Football Club Limited (the Companies House registered limited company that deals with the football side of the business). He instead loaned it to Chelsea Limited, the group holding company.
This loan was then passed from Chelsea Limited to Chelsea PLC – the company that runs Chelsea Football Club Limited as well as Chelsea Football Club Women Ltd, The Hotel at Chelsea Limited and various other companies related to the non-football side of the business.
Chelsea Limited was renamed Fordstam Limited in 2009 – when Abramovich reportedly wrote off the debt that Chelsea owned him. This meant that whilst recapitalisation of loans happened at the level of Chelsea FC PLC, it did not happen within the holding company (Fordstam).
So whilst Chelsea FC PLC do not owe anyone £1bn, the overall group holding company Fordstam Limited have horrendous financials.
Fordstam Limited’s accounts are so bad that they do not actually get a credit limit. A recent credit search on them showed “cash transactions only”.
Underneath Chelsea PLC is the football business, Chelsea Football Club Limited. This is the trading name of the real club, having been established in 1985. Chelsea FC PLC was established in 1990 (originally named Chelsea Village) to oversee both the football club, and the surrounding “village” that was built around Stamford Bridge under Ken Bates.
Chelsea Football Club Limited is in equally as bad shape. They get just a £500 credit limit. That is not a typo. They basically get the same credit as a teenager at University
As a comparison, the Woolwich Football Club Public Limited Company – which is the equivalent of Chelsea Football Club Limited in terms of that is the company which oversees the football side of Woolwich – gets a £47,100,000 credit limit.
In between Fordstam Limited and Chelsea Football Club Limited is Chelsea FC PLC. As explained, this is the company that owns Chelsea Football Club Limited, and other companies such as the hotel. This is the only major company within the complex structure that gets a credit limit, but in football terms this is not huge
Chelsea’s accounts do show a profit last year of about £15m, but this was mainly driven by player sales. A £50m loss turned around due to the sale of Oscar to China.
In their next accounts (up until June 2018) that will be announced later this year, it will once again show a huge operating loss, bought back to break even due to player sales – they raised over £100m last summer.
It means that Chelsea are in the situation where they even need another injection of cash from Abramovich or need to continue to sell to buy.
The club is on the verge of breaking down.
The likes of Eden Hazard and Thibaut Courtois want out. Both had team mates begging them to stay in their post-game interviews after the FA Cup. The sale of both will be key to raising finance to ensure the books stay even. In 2019, Chelsea will once more post an operating loss before player sales, especially with lack of Champions League football.
If they fail to sell either Hazard or Courtois, they will struggle to invest in the playing side of the club, unless they are comfortable posting an pre-tax loss. Clearly recent actions by Abramovich show that he does not want either Chelsea Football Club Limited or Chelsea FC PLC to make a pre-tax loss. He does not want to put any more of his own cash into the club.
Add in the future of Antonio Conte, the cost that it will be to get rid of him and his coaching staff – and the problems at Chelsea are really starting to mount up.
Abramovich might use the situation with his UK visa to get out of the club. He has two options that I can see.
The first is to liquidate Fordstam Limited. This is the holding company that oversees the entire group structure. This will then lead to administrators coming in to sell off parts of the club. It will be one of them £1 deals that happen in the lower leagues (and I think how Ken Bates originally bought the club).
Administration would see points deduction and potential relegation for the Premier League. The debt would disappear and what would be left is the football club. Players contracts will be considered null and void, allowing them to leave on a free.
A new owner would come in and have to rebuild from the bottom up, like we have seen with Leeds.
Alternatively, before putting Fordstam Limited into administration, Abramovich could sell Chelsea FC PLC.
Chelsea FC PLC carries no debt, but high costs.
A new owner would be unlikely to want to spend big on such a loss making enterprise, one which he might have to pump £50m a year into to ensure it stays afloat. I would be surprised if Abramovich gets much for the club if he decides to sell due to its poor financials.
f he sells Chelsea FC PLC, the club does not enter administration, it does not lose points, players or gets relegated. It just needs an owner with deep pockets willing to service the debt.
Once sold, Abramovich will send Fordstam Limited into administration, with its £1bn debt.
Some might claim “Abramovich will not want to write off £1bn”, but he is a man worth £10bn. Remember, he was happy giving his ex-wife £1bn and 4 houses!
Abramovich has always had a questionable background with links to the KGB and Russian government. Abramovich was the first person to originally recommend to Yeltsin that Vladimir Putin be his successor as the Russian president.
His friendship with Boris Berezovsky saw him purchase numerous companies after the break up of the Soviet Union for “25 times less than the market price”.
He strikes me as the type of man that will do things on the whim, and out of spite.
Whatever happens with the future of Chelsea and Abramovich, one thing is clear. Woolwich fans would be crazy to wish for Alisher Usmanov to take over at Woolwich and be subject to a single mans control, relying on him financially.
:avbpray:
GLORY glory please let this happenFrom an Woolwich blog
Exposed: Chelsea’s Financial Problems
(…)
When Abramovich loaned Chelsea the money, he did not loan it direct to Chelsea Football Club Limited (the Companies House registered limited company that deals with the football side of the business). He instead loaned it to Chelsea Limited, the group holding company.
This loan was then passed from Chelsea Limited to Chelsea PLC – the company that runs Chelsea Football Club Limited as well as Chelsea Football Club Women Ltd, The Hotel at Chelsea Limited and various other companies related to the non-football side of the business.
Chelsea Limited was renamed Fordstam Limited in 2009 – when Abramovich reportedly wrote off the debt that Chelsea owned him. This meant that whilst recapitalisation of loans happened at the level of Chelsea FC PLC, it did not happen within the holding company (Fordstam).
So whilst Chelsea FC PLC do not owe anyone £1bn, the overall group holding company Fordstam Limited have horrendous financials.
Fordstam Limited’s accounts are so bad that they do not actually get a credit limit. A recent credit search on them showed “cash transactions only”.
Underneath Chelsea PLC is the football business, Chelsea Football Club Limited. This is the trading name of the real club, having been established in 1985. Chelsea FC PLC was established in 1990 (originally named Chelsea Village) to oversee both the football club, and the surrounding “village” that was built around Stamford Bridge under Ken Bates.
Chelsea Football Club Limited is in equally as bad shape. They get just a £500 credit limit. That is not a typo. They basically get the same credit as a teenager at University
As a comparison, the Woolwich Football Club Public Limited Company – which is the equivalent of Chelsea Football Club Limited in terms of that is the company which oversees the football side of Woolwich – gets a £47,100,000 credit limit.
In between Fordstam Limited and Chelsea Football Club Limited is Chelsea FC PLC. As explained, this is the company that owns Chelsea Football Club Limited, and other companies such as the hotel. This is the only major company within the complex structure that gets a credit limit, but in football terms this is not huge
Chelsea’s accounts do show a profit last year of about £15m, but this was mainly driven by player sales. A £50m loss turned around due to the sale of Oscar to China.
In their next accounts (up until June 2018) that will be announced later this year, it will once again show a huge operating loss, bought back to break even due to player sales – they raised over £100m last summer.
It means that Chelsea are in the situation where they even need another injection of cash from Abramovich or need to continue to sell to buy.
The club is on the verge of breaking down.
The likes of Eden Hazard and Thibaut Courtois want out. Both had team mates begging them to stay in their post-game interviews after the FA Cup. The sale of both will be key to raising finance to ensure the books stay even. In 2019, Chelsea will once more post an operating loss before player sales, especially with lack of Champions League football.
If they fail to sell either Hazard or Courtois, they will struggle to invest in the playing side of the club, unless they are comfortable posting an pre-tax loss. Clearly recent actions by Abramovich show that he does not want either Chelsea Football Club Limited or Chelsea FC PLC to make a pre-tax loss. He does not want to put any more of his own cash into the club.
Add in the future of Antonio Conte, the cost that it will be to get rid of him and his coaching staff – and the problems at Chelsea are really starting to mount up.
Abramovich might use the situation with his UK visa to get out of the club. He has two options that I can see.
The first is to liquidate Fordstam Limited. This is the holding company that oversees the entire group structure. This will then lead to administrators coming in to sell off parts of the club. It will be one of them £1 deals that happen in the lower leagues (and I think how Ken Bates originally bought the club).
Administration would see points deduction and potential relegation for the Premier League. The debt would disappear and what would be left is the football club. Players contracts will be considered null and void, allowing them to leave on a free.
A new owner would come in and have to rebuild from the bottom up, like we have seen with Leeds.
Alternatively, before putting Fordstam Limited into administration, Abramovich could sell Chelsea FC PLC.
Chelsea FC PLC carries no debt, but high costs.
A new owner would be unlikely to want to spend big on such a loss making enterprise, one which he might have to pump £50m a year into to ensure it stays afloat. I would be surprised if Abramovich gets much for the club if he decides to sell due to its poor financials.
f he sells Chelsea FC PLC, the club does not enter administration, it does not lose points, players or gets relegated. It just needs an owner with deep pockets willing to service the debt.
Once sold, Abramovich will send Fordstam Limited into administration, with its £1bn debt.
Some might claim “Abramovich will not want to write off £1bn”, but he is a man worth £10bn. Remember, he was happy giving his ex-wife £1bn and 4 houses!
Abramovich has always had a questionable background with links to the KGB and Russian government. Abramovich was the first person to originally recommend to Yeltsin that Vladimir Putin be his successor as the Russian president.
His friendship with Boris Berezovsky saw him purchase numerous companies after the break up of the Soviet Union for “25 times less than the market price”.
He strikes me as the type of man that will do things on the whim, and out of spite.
Whatever happens with the future of Chelsea and Abramovich, one thing is clear. Woolwich fans would be crazy to wish for Alisher Usmanov to take over at Woolwich and be subject to a single mans control, relying on him financially.
From an Woolwich blog
Exposed: Chelsea’s Financial Problems
(…)
When Abramovich loaned Chelsea the money, he did not loan it direct to Chelsea Football Club Limited (the Companies House registered limited company that deals with the football side of the business). He instead loaned it to Chelsea Limited, the group holding company.
This loan was then passed from Chelsea Limited to Chelsea PLC – the company that runs Chelsea Football Club Limited as well as Chelsea Football Club Women Ltd, The Hotel at Chelsea Limited and various other companies related to the non-football side of the business.
Chelsea Limited was renamed Fordstam Limited in 2009 – when Abramovich reportedly wrote off the debt that Chelsea owned him. This meant that whilst recapitalisation of loans happened at the level of Chelsea FC PLC, it did not happen within the holding company (Fordstam).
So whilst Chelsea FC PLC do not owe anyone £1bn, the overall group holding company Fordstam Limited have horrendous financials.
Fordstam Limited’s accounts are so bad that they do not actually get a credit limit. A recent credit search on them showed “cash transactions only”.
Underneath Chelsea PLC is the football business, Chelsea Football Club Limited. This is the trading name of the real club, having been established in 1985. Chelsea FC PLC was established in 1990 (originally named Chelsea Village) to oversee both the football club, and the surrounding “village” that was built around Stamford Bridge under Ken Bates.
Chelsea Football Club Limited is in equally as bad shape. They get just a £500 credit limit. That is not a typo. They basically get the same credit as a teenager at University
As a comparison, the Woolwich Football Club Public Limited Company – which is the equivalent of Chelsea Football Club Limited in terms of that is the company which oversees the football side of Woolwich – gets a £47,100,000 credit limit.
In between Fordstam Limited and Chelsea Football Club Limited is Chelsea FC PLC. As explained, this is the company that owns Chelsea Football Club Limited, and other companies such as the hotel. This is the only major company within the complex structure that gets a credit limit, but in football terms this is not huge
Chelsea’s accounts do show a profit last year of about £15m, but this was mainly driven by player sales. A £50m loss turned around due to the sale of Oscar to China.
In their next accounts (up until June 2018) that will be announced later this year, it will once again show a huge operating loss, bought back to break even due to player sales – they raised over £100m last summer.
It means that Chelsea are in the situation where they even need another injection of cash from Abramovich or need to continue to sell to buy.
The club is on the verge of breaking down.
The likes of Eden Hazard and Thibaut Courtois want out. Both had team mates begging them to stay in their post-game interviews after the FA Cup. The sale of both will be key to raising finance to ensure the books stay even. In 2019, Chelsea will once more post an operating loss before player sales, especially with lack of Champions League football.
If they fail to sell either Hazard or Courtois, they will struggle to invest in the playing side of the club, unless they are comfortable posting an pre-tax loss. Clearly recent actions by Abramovich show that he does not want either Chelsea Football Club Limited or Chelsea FC PLC to make a pre-tax loss. He does not want to put any more of his own cash into the club.
Add in the future of Antonio Conte, the cost that it will be to get rid of him and his coaching staff – and the problems at Chelsea are really starting to mount up.
Abramovich might use the situation with his UK visa to get out of the club. He has two options that I can see.
The first is to liquidate Fordstam Limited. This is the holding company that oversees the entire group structure. This will then lead to administrators coming in to sell off parts of the club. It will be one of them £1 deals that happen in the lower leagues (and I think how Ken Bates originally bought the club).
Administration would see points deduction and potential relegation for the Premier League. The debt would disappear and what would be left is the football club. Players contracts will be considered null and void, allowing them to leave on a free.
A new owner would come in and have to rebuild from the bottom up, like we have seen with Leeds.
Alternatively, before putting Fordstam Limited into administration, Abramovich could sell Chelsea FC PLC.
Chelsea FC PLC carries no debt, but high costs.
A new owner would be unlikely to want to spend big on such a loss making enterprise, one which he might have to pump £50m a year into to ensure it stays afloat. I would be surprised if Abramovich gets much for the club if he decides to sell due to its poor financials.
f he sells Chelsea FC PLC, the club does not enter administration, it does not lose points, players or gets relegated. It just needs an owner with deep pockets willing to service the debt.
Once sold, Abramovich will send Fordstam Limited into administration, with its £1bn debt.
Some might claim “Abramovich will not want to write off £1bn”, but he is a man worth £10bn. Remember, he was happy giving his ex-wife £1bn and 4 houses!
Abramovich has always had a questionable background with links to the KGB and Russian government. Abramovich was the first person to originally recommend to Yeltsin that Vladimir Putin be his successor as the Russian president.
His friendship with Boris Berezovsky saw him purchase numerous companies after the break up of the Soviet Union for “25 times less than the market price”.
He strikes me as the type of man that will do things on the whim, and out of spite.
Whatever happens with the future of Chelsea and Abramovich, one thing is clear. Woolwich fans would be crazy to wish for Alisher Usmanov to take over at Woolwich and be subject to a single mans control, relying on him financially.
Can't say I really understand this, but all sounds dodgy ...... thank goodness for Daniel Levy, and his management of our club.From an Woolwich blog
Exposed: Chelsea’s Financial Problems
(…)
When Abramovich loaned Chelsea the money, he did not loan it direct to Chelsea Football Club Limited (the Companies House registered limited company that deals with the football side of the business). He instead loaned it to Chelsea Limited, the group holding company.
This loan was then passed from Chelsea Limited to Chelsea PLC – the company that runs Chelsea Football Club Limited as well as Chelsea Football Club Women Ltd, The Hotel at Chelsea Limited and various other companies related to the non-football side of the business.
Chelsea Limited was renamed Fordstam Limited in 2009 – when Abramovich reportedly wrote off the debt that Chelsea owned him. This meant that whilst recapitalisation of loans happened at the level of Chelsea FC PLC, it did not happen within the holding company (Fordstam).
So whilst Chelsea FC PLC do not owe anyone £1bn, the overall group holding company Fordstam Limited have horrendous financials.
Fordstam Limited’s accounts are so bad that they do not actually get a credit limit. A recent credit search on them showed “cash transactions only”.
Underneath Chelsea PLC is the football business, Chelsea Football Club Limited. This is the trading name of the real club, having been established in 1985. Chelsea FC PLC was established in 1990 (originally named Chelsea Village) to oversee both the football club, and the surrounding “village” that was built around Stamford Bridge under Ken Bates.
Chelsea Football Club Limited is in equally as bad shape. They get just a £500 credit limit. That is not a typo. They basically get the same credit as a teenager at University
As a comparison, the Woolwich Football Club Public Limited Company – which is the equivalent of Chelsea Football Club Limited in terms of that is the company which oversees the football side of Woolwich – gets a £47,100,000 credit limit.
In between Fordstam Limited and Chelsea Football Club Limited is Chelsea FC PLC. As explained, this is the company that owns Chelsea Football Club Limited, and other companies such as the hotel. This is the only major company within the complex structure that gets a credit limit, but in football terms this is not huge
Chelsea’s accounts do show a profit last year of about £15m, but this was mainly driven by player sales. A £50m loss turned around due to the sale of Oscar to China.
In their next accounts (up until June 2018) that will be announced later this year, it will once again show a huge operating loss, bought back to break even due to player sales – they raised over £100m last summer.
It means that Chelsea are in the situation where they even need another injection of cash from Abramovich or need to continue to sell to buy.
The club is on the verge of breaking down.
The likes of Eden Hazard and Thibaut Courtois want out. Both had team mates begging them to stay in their post-game interviews after the FA Cup. The sale of both will be key to raising finance to ensure the books stay even. In 2019, Chelsea will once more post an operating loss before player sales, especially with lack of Champions League football.
If they fail to sell either Hazard or Courtois, they will struggle to invest in the playing side of the club, unless they are comfortable posting an pre-tax loss. Clearly recent actions by Abramovich show that he does not want either Chelsea Football Club Limited or Chelsea FC PLC to make a pre-tax loss. He does not want to put any more of his own cash into the club.
Add in the future of Antonio Conte, the cost that it will be to get rid of him and his coaching staff – and the problems at Chelsea are really starting to mount up.
Abramovich might use the situation with his UK visa to get out of the club. He has two options that I can see.
The first is to liquidate Fordstam Limited. This is the holding company that oversees the entire group structure. This will then lead to administrators coming in to sell off parts of the club. It will be one of them £1 deals that happen in the lower leagues (and I think how Ken Bates originally bought the club).
Administration would see points deduction and potential relegation for the Premier League. The debt would disappear and what would be left is the football club. Players contracts will be considered null and void, allowing them to leave on a free.
A new owner would come in and have to rebuild from the bottom up, like we have seen with Leeds.
Alternatively, before putting Fordstam Limited into administration, Abramovich could sell Chelsea FC PLC.
Chelsea FC PLC carries no debt, but high costs.
A new owner would be unlikely to want to spend big on such a loss making enterprise, one which he might have to pump £50m a year into to ensure it stays afloat. I would be surprised if Abramovich gets much for the club if he decides to sell due to its poor financials.
f he sells Chelsea FC PLC, the club does not enter administration, it does not lose points, players or gets relegated. It just needs an owner with deep pockets willing to service the debt.
Once sold, Abramovich will send Fordstam Limited into administration, with its £1bn debt.
Some might claim “Abramovich will not want to write off £1bn”, but he is a man worth £10bn. Remember, he was happy giving his ex-wife £1bn and 4 houses!
Abramovich has always had a questionable background with links to the KGB and Russian government. Abramovich was the first person to originally recommend to Yeltsin that Vladimir Putin be his successor as the Russian president.
His friendship with Boris Berezovsky saw him purchase numerous companies after the break up of the Soviet Union for “25 times less than the market price”.
He strikes me as the type of man that will do things on the whim, and out of spite.
Whatever happens with the future of Chelsea and Abramovich, one thing is clear. Woolwich fans would be crazy to wish for Alisher Usmanov to take over at Woolwich and be subject to a single mans control, relying on him financially.
My first thought was "Don't get your hopes up" but now I'm thinking it's okay to believe. These cunts are fucked!From an Woolwich blog
Exposed: Chelsea’s Financial Problems
(…)
When Abramovich loaned Chelsea the money, he did not loan it direct to Chelsea Football Club Limited (the Companies House registered limited company that deals with the football side of the business). He instead loaned it to Chelsea Limited, the group holding company.
This loan was then passed from Chelsea Limited to Chelsea PLC – the company that runs Chelsea Football Club Limited as well as Chelsea Football Club Women Ltd, The Hotel at Chelsea Limited and various other companies related to the non-football side of the business.
Chelsea Limited was renamed Fordstam Limited in 2009 – when Abramovich reportedly wrote off the debt that Chelsea owned him. This meant that whilst recapitalisation of loans happened at the level of Chelsea FC PLC, it did not happen within the holding company (Fordstam).
So whilst Chelsea FC PLC do not owe anyone £1bn, the overall group holding company Fordstam Limited have horrendous financials.
Fordstam Limited’s accounts are so bad that they do not actually get a credit limit. A recent credit search on them showed “cash transactions only”.
Underneath Chelsea PLC is the football business, Chelsea Football Club Limited. This is the trading name of the real club, having been established in 1985. Chelsea FC PLC was established in 1990 (originally named Chelsea Village) to oversee both the football club, and the surrounding “village” that was built around Stamford Bridge under Ken Bates.
Chelsea Football Club Limited is in equally as bad shape. They get just a £500 credit limit. That is not a typo. They basically get the same credit as a teenager at University
As a comparison, the Woolwich Football Club Public Limited Company – which is the equivalent of Chelsea Football Club Limited in terms of that is the company which oversees the football side of Woolwich – gets a £47,100,000 credit limit.
In between Fordstam Limited and Chelsea Football Club Limited is Chelsea FC PLC. As explained, this is the company that owns Chelsea Football Club Limited, and other companies such as the hotel. This is the only major company within the complex structure that gets a credit limit, but in football terms this is not huge
Chelsea’s accounts do show a profit last year of about £15m, but this was mainly driven by player sales. A £50m loss turned around due to the sale of Oscar to China.
In their next accounts (up until June 2018) that will be announced later this year, it will once again show a huge operating loss, bought back to break even due to player sales – they raised over £100m last summer.
It means that Chelsea are in the situation where they even need another injection of cash from Abramovich or need to continue to sell to buy.
The club is on the verge of breaking down.
The likes of Eden Hazard and Thibaut Courtois want out. Both had team mates begging them to stay in their post-game interviews after the FA Cup. The sale of both will be key to raising finance to ensure the books stay even. In 2019, Chelsea will once more post an operating loss before player sales, especially with lack of Champions League football.
If they fail to sell either Hazard or Courtois, they will struggle to invest in the playing side of the club, unless they are comfortable posting an pre-tax loss. Clearly recent actions by Abramovich show that he does not want either Chelsea Football Club Limited or Chelsea FC PLC to make a pre-tax loss. He does not want to put any more of his own cash into the club.
Add in the future of Antonio Conte, the cost that it will be to get rid of him and his coaching staff – and the problems at Chelsea are really starting to mount up.
Abramovich might use the situation with his UK visa to get out of the club. He has two options that I can see.
The first is to liquidate Fordstam Limited. This is the holding company that oversees the entire group structure. This will then lead to administrators coming in to sell off parts of the club. It will be one of them £1 deals that happen in the lower leagues (and I think how Ken Bates originally bought the club).
Administration would see points deduction and potential relegation for the Premier League. The debt would disappear and what would be left is the football club. Players contracts will be considered null and void, allowing them to leave on a free.
A new owner would come in and have to rebuild from the bottom up, like we have seen with Leeds.
Alternatively, before putting Fordstam Limited into administration, Abramovich could sell Chelsea FC PLC.
Chelsea FC PLC carries no debt, but high costs.
A new owner would be unlikely to want to spend big on such a loss making enterprise, one which he might have to pump £50m a year into to ensure it stays afloat. I would be surprised if Abramovich gets much for the club if he decides to sell due to its poor financials.
f he sells Chelsea FC PLC, the club does not enter administration, it does not lose points, players or gets relegated. It just needs an owner with deep pockets willing to service the debt.
Once sold, Abramovich will send Fordstam Limited into administration, with its £1bn debt.
Some might claim “Abramovich will not want to write off £1bn”, but he is a man worth £10bn. Remember, he was happy giving his ex-wife £1bn and 4 houses!
Abramovich has always had a questionable background with links to the KGB and Russian government. Abramovich was the first person to originally recommend to Yeltsin that Vladimir Putin be his successor as the Russian president.
His friendship with Boris Berezovsky saw him purchase numerous companies after the break up of the Soviet Union for “25 times less than the market price”.
He strikes me as the type of man that will do things on the whim, and out of spite.
Whatever happens with the future of Chelsea and Abramovich, one thing is clear. Woolwich fans would be crazy to wish for Alisher Usmanov to take over at Woolwich and be subject to a single mans control, relying on him financially.
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Turmoil at Chelsea: owner annoyed, players unsettled, manager in limbo
Turmoil at Chelsea: owner annoyed, players unsettled, manager in limbo
Turmoil at Chelsea: owner annoyed, players unsettled, manager in limbo
There will still be some people claiming that it was all worth it
Oh dear what a shame.Turmoil at Chelsea: owner annoyed, players unsettled, manager in limbo
Turmoil at Chelsea: owner annoyed, players unsettled, manager in limbo
Interesting and quite funny article, but have to disagree with this statement. He seems the complete opposite to me. To me he's cold and calculating, somebody who puts self interest and preservation above all else.
From an Woolwich blog
Exposed: Chelsea’s Financial Problems
(…)
When Abramovich loaned Chelsea the money, he did not loan it direct to Chelsea Football Club Limited (the Companies House registered limited company that deals with the football side of the business). He instead loaned it to Chelsea Limited, the group holding company.
This loan was then passed from Chelsea Limited to Chelsea PLC – the company that runs Chelsea Football Club Limited as well as Chelsea Football Club Women Ltd, The Hotel at Chelsea Limited and various other companies related to the non-football side of the business.
Chelsea Limited was renamed Fordstam Limited in 2009 – when Abramovich reportedly wrote off the debt that Chelsea owned him. This meant that whilst recapitalisation of loans happened at the level of Chelsea FC PLC, it did not happen within the holding company (Fordstam).
So whilst Chelsea FC PLC do not owe anyone £1bn, the overall group holding company Fordstam Limited have horrendous financials.
Fordstam Limited’s accounts are so bad that they do not actually get a credit limit. A recent credit search on them showed “cash transactions only”.
Underneath Chelsea PLC is the football business, Chelsea Football Club Limited. This is the trading name of the real club, having been established in 1985. Chelsea FC PLC was established in 1990 (originally named Chelsea Village) to oversee both the football club, and the surrounding “village” that was built around Stamford Bridge under Ken Bates.
Chelsea Football Club Limited is in equally as bad shape. They get just a £500 credit limit. That is not a typo. They basically get the same credit as a teenager at University
As a comparison, the Woolwich Football Club Public Limited Company – which is the equivalent of Chelsea Football Club Limited in terms of that is the company which oversees the football side of Woolwich – gets a £47,100,000 credit limit.
In between Fordstam Limited and Chelsea Football Club Limited is Chelsea FC PLC. As explained, this is the company that owns Chelsea Football Club Limited, and other companies such as the hotel. This is the only major company within the complex structure that gets a credit limit, but in football terms this is not huge
Chelsea’s accounts do show a profit last year of about £15m, but this was mainly driven by player sales. A £50m loss turned around due to the sale of Oscar to China.
In their next accounts (up until June 2018) that will be announced later this year, it will once again show a huge operating loss, bought back to break even due to player sales – they raised over £100m last summer.
It means that Chelsea are in the situation where they even need another injection of cash from Abramovich or need to continue to sell to buy.
The club is on the verge of breaking down.
The likes of Eden Hazard and Thibaut Courtois want out. Both had team mates begging them to stay in their post-game interviews after the FA Cup. The sale of both will be key to raising finance to ensure the books stay even. In 2019, Chelsea will once more post an operating loss before player sales, especially with lack of Champions League football.
If they fail to sell either Hazard or Courtois, they will struggle to invest in the playing side of the club, unless they are comfortable posting an pre-tax loss. Clearly recent actions by Abramovich show that he does not want either Chelsea Football Club Limited or Chelsea FC PLC to make a pre-tax loss. He does not want to put any more of his own cash into the club.
Add in the future of Antonio Conte, the cost that it will be to get rid of him and his coaching staff – and the problems at Chelsea are really starting to mount up.
Abramovich might use the situation with his UK visa to get out of the club. He has two options that I can see.
The first is to liquidate Fordstam Limited. This is the holding company that oversees the entire group structure. This will then lead to administrators coming in to sell off parts of the club. It will be one of them £1 deals that happen in the lower leagues (and I think how Ken Bates originally bought the club).
Administration would see points deduction and potential relegation for the Premier League. The debt would disappear and what would be left is the football club. Players contracts will be considered null and void, allowing them to leave on a free.
A new owner would come in and have to rebuild from the bottom up, like we have seen with Leeds.
Alternatively, before putting Fordstam Limited into administration, Abramovich could sell Chelsea FC PLC.
Chelsea FC PLC carries no debt, but high costs.
A new owner would be unlikely to want to spend big on such a loss making enterprise, one which he might have to pump £50m a year into to ensure it stays afloat. I would be surprised if Abramovich gets much for the club if he decides to sell due to its poor financials.
f he sells Chelsea FC PLC, the club does not enter administration, it does not lose points, players or gets relegated. It just needs an owner with deep pockets willing to service the debt.
Once sold, Abramovich will send Fordstam Limited into administration, with its £1bn debt.
Some might claim “Abramovich will not want to write off £1bn”, but he is a man worth £10bn. Remember, he was happy giving his ex-wife £1bn and 4 houses!
Abramovich has always had a questionable background with links to the KGB and Russian government. Abramovich was the first person to originally recommend to Yeltsin that Vladimir Putin be his successor as the Russian president.
His friendship with Boris Berezovsky saw him purchase numerous companies after the break up of the Soviet Union for “25 times less than the market price”.
He strikes me as the type of man that will do things on the whim, and out of spite.
Whatever happens with the future of Chelsea and Abramovich, one thing is clear. Woolwich fans would be crazy to wish for Alisher Usmanov to take over at Woolwich and be subject to a single mans control, relying on him financially.
Wow!!!
Abramovich seemed to only buy Chelsea as it was a high profile western asset easily used to flush and clean the dubious cash and also ensure an element of personal protection in the face of very real domestic dangers.
He has, truth be told, had a good run of things and hopefully he recognises this and FUCKS OFF now. Sanctions will eventually lead him to have to sell his high profile UK assets anyway,
his people will knows this and that must be why the not so subtle plug has been pulled on the stadium project
He’s not at risk of losing anything, but he will no longer “gain” any profit as far as I can see, so no incentive remains. At best it would seem “Status Quo” time for Chelsea is the best that can be delivered. Until the UK / Russian cold spell warms no oligarchs will be allowed to look “profitable” it will sell very badly, and they would seem to be an easy target, so the Government will rightly go there ( while ignoring Saudi Arabia etc etc )
The funny side issue in all this is there is a certain co-owner of Woolwich who is in exactly the same spot, and who is equally linked and won’t be allowed free reign now. Usamanov has clearly never succeed in taking over and it would seem he never will now. If anything he is even tighter than Roman with the folks back in Russia, so he won’t be a “fit and proper” person anytime in our near futures, which leaves the Goons in the same
Spinner as the Cheatski mob. Perhaps slightly better off as they have a man called Stan lol.
Still neither club are London’s biggest or highest placed nor in the Champions League....on a “Political” level Spurs might actually be a very very handy poster boy for UK Sport at a time when Goons and The Arse are somewhat an embarrassment.
He has, truth be told, had a good run of things and hopefully he recognises this and FUCKS OFF now. Sanctions will eventually lead him to have to sell his high profile UK assets anyway,
his people will knows this and that must be why the not so subtle plug has been pulled on the stadium project
He’s not at risk of losing anything, but he will no longer “gain” any profit as far as I can see, so no incentive remains. At best it would seem “Status Quo” time for Chelsea is the best that can be delivered. Until the UK / Russian cold spell warms no oligarchs will be allowed to look “profitable” it will sell very badly, and they would seem to be an easy target, so the Government will rightly go there ( while ignoring Saudi Arabia etc etc )
The funny side issue in all this is there is a certain co-owner of Woolwich who is in exactly the same spot, and who is equally linked and won’t be allowed free reign now. Usamanov has clearly never succeed in taking over and it would seem he never will now. If anything he is even tighter than Roman with the folks back in Russia, so he won’t be a “fit and proper” person anytime in our near futures, which leaves the Goons in the same
Spinner as the Cheatski mob. Perhaps slightly better off as they have a man called Stan lol.
Still neither club are London’s biggest or highest placed nor in the Champions League....on a “Political” level Spurs might actually be a very very handy poster boy for UK Sport at a time when Goons and The Arse are somewhat an embarrassment.
They've had a good run to be fair. Shitty little nothing club that won the lottery. Once they go back to where they belong it'll be tough, but they'll always be able to look back fondly at the trophies won from Russian murder money.
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From an Woolwich blog
Exposed: Chelsea’s Financial Problems
(…)
When Abramovich loaned Chelsea the money, he did not loan it direct to Chelsea Football Club Limited (the Companies House registered limited company that deals with the football side of the business). He instead loaned it to Chelsea Limited, the group holding company.
This loan was then passed from Chelsea Limited to Chelsea PLC – the company that runs Chelsea Football Club Limited as well as Chelsea Football Club Women Ltd, The Hotel at Chelsea Limited and various other companies related to the non-football side of the business.
Chelsea Limited was renamed Fordstam Limited in 2009 – when Abramovich reportedly wrote off the debt that Chelsea owned him. This meant that whilst recapitalisation of loans happened at the level of Chelsea FC PLC, it did not happen within the holding company (Fordstam).
So whilst Chelsea FC PLC do not owe anyone £1bn, the overall group holding company Fordstam Limited have horrendous financials.
Fordstam Limited’s accounts are so bad that they do not actually get a credit limit. A recent credit search on them showed “cash transactions only”.
Underneath Chelsea PLC is the football business, Chelsea Football Club Limited. This is the trading name of the real club, having been established in 1985. Chelsea FC PLC was established in 1990 (originally named Chelsea Village) to oversee both the football club, and the surrounding “village” that was built around Stamford Bridge under Ken Bates.
Chelsea Football Club Limited is in equally as bad shape. They get just a £500 credit limit. That is not a typo. They basically get the same credit as a teenager at University
As a comparison, the Woolwich Football Club Public Limited Company – which is the equivalent of Chelsea Football Club Limited in terms of that is the company which oversees the football side of Woolwich – gets a £47,100,000 credit limit.
In between Fordstam Limited and Chelsea Football Club Limited is Chelsea FC PLC. As explained, this is the company that owns Chelsea Football Club Limited, and other companies such as the hotel. This is the only major company within the complex structure that gets a credit limit, but in football terms this is not huge
Chelsea’s accounts do show a profit last year of about £15m, but this was mainly driven by player sales. A £50m loss turned around due to the sale of Oscar to China.
In their next accounts (up until June 2018) that will be announced later this year, it will once again show a huge operating loss, bought back to break even due to player sales – they raised over £100m last summer.
It means that Chelsea are in the situation where they even need another injection of cash from Abramovich or need to continue to sell to buy.
The club is on the verge of breaking down.
The likes of Eden Hazard and Thibaut Courtois want out. Both had team mates begging them to stay in their post-game interviews after the FA Cup. The sale of both will be key to raising finance to ensure the books stay even. In 2019, Chelsea will once more post an operating loss before player sales, especially with lack of Champions League football.
If they fail to sell either Hazard or Courtois, they will struggle to invest in the playing side of the club, unless they are comfortable posting an pre-tax loss. Clearly recent actions by Abramovich show that he does not want either Chelsea Football Club Limited or Chelsea FC PLC to make a pre-tax loss. He does not want to put any more of his own cash into the club.
Add in the future of Antonio Conte, the cost that it will be to get rid of him and his coaching staff – and the problems at Chelsea are really starting to mount up.
Abramovich might use the situation with his UK visa to get out of the club. He has two options that I can see.
The first is to liquidate Fordstam Limited. This is the holding company that oversees the entire group structure. This will then lead to administrators coming in to sell off parts of the club. It will be one of them £1 deals that happen in the lower leagues (and I think how Ken Bates originally bought the club).
Administration would see points deduction and potential relegation for the Premier League. The debt would disappear and what would be left is the football club. Players contracts will be considered null and void, allowing them to leave on a free.
A new owner would come in and have to rebuild from the bottom up, like we have seen with Leeds.
Alternatively, before putting Fordstam Limited into administration, Abramovich could sell Chelsea FC PLC.
Chelsea FC PLC carries no debt, but high costs.
A new owner would be unlikely to want to spend big on such a loss making enterprise, one which he might have to pump £50m a year into to ensure it stays afloat. I would be surprised if Abramovich gets much for the club if he decides to sell due to its poor financials.
f he sells Chelsea FC PLC, the club does not enter administration, it does not lose points, players or gets relegated. It just needs an owner with deep pockets willing to service the debt.
Once sold, Abramovich will send Fordstam Limited into administration, with its £1bn debt.
Some might claim “Abramovich will not want to write off £1bn”, but he is a man worth £10bn. Remember, he was happy giving his ex-wife £1bn and 4 houses!
Abramovich has always had a questionable background with links to the KGB and Russian government. Abramovich was the first person to originally recommend to Yeltsin that Vladimir Putin be his successor as the Russian president.
His friendship with Boris Berezovsky saw him purchase numerous companies after the break up of the Soviet Union for “25 times less than the market price”.
He strikes me as the type of man that will do things on the whim, and out of spite.
Whatever happens with the future of Chelsea and Abramovich, one thing is clear. Woolwich fans would be crazy to wish for Alisher Usmanov to take over at Woolwich and be subject to a single mans control, relying on him financially.
Too long, but did read.
...The longer time passes the more those accolades become hollow and the more the greater footballing world will look down on their so-called accomplishments. Outside of their own little circle-jerk, they'll have nothing.
Meanwhile, all the firsts, records and honours we have and will continue to earn will have been just that.... EARNED.
As you say "Shitty little nothing club".