Chelsea have made ‘mockery of the rules’ with double sale – Kieran Maguire
Chelsea have “made a mockery” of Premier League financial rules by selling two hotels to balance their books and comply with Profit and Sustainability Rules.
That is the view of finance expert Kieran Maguire, who exclusively told Football Insider that the transactions made by Chelsea are banned by both Uefa and the EFL.
Chelsea announced a loss of £90million in their latest 2022-23 accounts yet have seemingly avoided a PSR breach by selling two hotels to a sister company for £76.5million.
As revealed by Football Insider, the deal is still under investigation by the Premier League as to whether the transaction is deemed “fair market value”.
Had Chelsea not sold the hotels within the 2022-23 accounting period, the Londoners would have likely faced a points deduction for a PSR breach similar to Everton and Nottingham Forest.
Chelsea £77m loophole banned by Uefa and EFL
Maguire explained that the Premier League had the opportunity to ban such sales but owners decided against it.
“The Premier League has had ample opportunity to exclude such transactions from PSR,” Maguire told Football Insider’s Sean Fisher.
“They were excluded by the EFL about four years ago and it is also not allowed under Uefa.
“But Premier League owners have decided that it’s ok.
“It makes a mockery of the rules because if you’re getting rid of one of your best revenue-generating assets, then how can that be classified as sustainability?
“It’s just another depressing day in the world of football, where smart accountants and lawyers are running rings around the people setting the rules.“
In other news, Chelsea points deduction demanded by rivals after financial rules cheated
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