The Premier League has cleared the £76.5million sale of two hotels outside Stamford Bridge to BlueCo by Chelsea, football.london understands.
The Millennium and Copthorne hotels changed ownership between two subsidiaries under the ownership of Todd Boehly and Clearlake Capital. Fair market value assessment protocols under the league’s associated party transactions rules have now ratified the deals.
Premier League rules say such assessments should be concluded “within ten clear working days,” but over 14 months have passed since the transaction happened on 29 June last year, per company accounts. The league’s rules, though, state that further time can be required “due to exceptional circumstances or the requirement for further information from the club in order to reach a conclusive decision”.
ESPN first reported the news, claiming the estimated valuations of the hotels are within an acceptable margin. The Athletic claims the £76.5million figure, which the club said they appointed two independent valuers to assess, was adjusted, but the new amount is, as yet, unconfirmed.
However, any change seemingly does not affect the club’s compliance with the Premier League’s profitability and sustainability rules (PSRs) during the 2022/23 season. The club’s latest accounts published in April revealed the hotel sales and detailed that the transaction reduced their loss from £166.4million to £89.9million.
But that was not before Aston Villa, Birmingham City, Derby County, Reading and Stoke City sold their stadiums to their owners to avoid failing the EFL’s financial fair play rules. As for Chelsea, the hotels changed hands from Chelsea FC Holdings Ltd to BlueCo 22 Properties Ltd, both controlled by the club’s holding company, BlueCo 22 Ltd.
