The Premier League have cleared Chelsea’s controversial sales of two hotels to a sister company in a help to avoid breaches of Profit & Sustainability Rules, a report has revealed.
Chelsea’s financial accounts for the 2022/23 campaign showed losses of £89.9m, with that figure factoring in a controversial sale of two hotels next to Stamford Bridge to another BlueCo 22 company for £76.5m.
Despite plenty of criticism from rivals for seemingly selling assets to themselves, ESPN state the Premier League is happy to approve the deal and have allowed Chelsea to include the sale in their financial accounts.
League officials are satisfied with the value of the transaction, insisting it represents fair market value, and have given their formal approval.
UEFA do not allow such transactions when it comes to their Financial Fair Play rules, while the English Football League has also banned sales of assets to associated parties, but the Premier League has no such ruling.
Indeed, Premier League clubs were given the chance to vote on banning these controversial sales, but only 11 of the 20 teams pushed to do so. A minimum of 14 votes is needed to pass a motion, and so no ban was issued.
Chelsea continues to stress their belief that they have not breached PSR rules, as well as their confidence that they will continue to abide by the regulations in the future.
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Conclusion
It seems that Chelsea’s controversial sales of two hotels to a sister company have been given the green light by the Premier League, despite criticism from rivals. The league officials are satisfied with the value of the transaction and have approved the deal, allowing Chelsea to include it in their financial accounts. While UEFA and the English Football League have stricter rules regarding such transactions, the Premier League has decided to permit it. However, Chelsea remains firm in their belief that they have not violated any Profit & Sustainability Rules and are committed to complying with regulations moving forward.
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