Chelsea board must fix £400m+ ‘mess’ or be crippled by new rules – Kieran Maguire
Todd Boehly and the Chelsea board must lower their “bloated” wage bill to help solve the club’s financial “mess”.
That is the view of finance expert Kieran Maguire, who exclusively told Football Insider that Chelsea are in a poor position when new financial rules are introduced.
Top flight clubs have agreed in principle to introduce new financial regulations from 2025-26 onwards that will replace current Profit and Sustainability Rules.
The new system will cap club spending on transfers, wages and agent fees to 85 percent of a club’s overall revenue.
Chelsea announced revenue of £512million in their 2022-23 accounts, but most of their turnover was spent on the wage bill which soared to £404million – the second biggest in the Premier League behind Manchester City.
Boehly and Chelsea chiefs must tackle £400m+ ‘mess’
The Londoners will have to cut their wages significantly in order to free up some of their budget to spend in the transfer window under new rules.
Maguire believes pressure is now on Boehly and senior figures at Stamford Bridge to clean up the “mess” that they have caused.
“Chelsea are not in a brilliant position for when the new squad control costs are introduced,” Maguire told Football Insider’s Sean Fisher.
“They have had some exceptional problems in the past couple of seasons, including their failure to qualify for Europe and not having a front-of-shirt sponsor for half of the season.
“They also have a bloated wage bill with many legacy contracts including the likes of Romelu Lukaku.
“They are very expensive and are not being recovered while they are out on loan to other clubs.
“Todd Boehly and Co. have created a lot of this mess and they have to take responsibility – although whether they are prepared to do so is another matter.“
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