‘Premier League clubs now queuing up to exploit Chelsea loophole’
Chelsea have spawned big controversy by selling club assets to a sister company to inflate the club’s profit and avoid breaching financial rules.
The Blues sold their women’s team to owners BlueCo last summer for around £200million, helping them turn their previous £90million loss for 2022-23 into a £128million profit for 2023-24.
At the annual meeting of the 20 top-flight sides this week, the Premier League was looking to hold a vote to close the loophole and prevent clubs selling assets to sister companies.
But The Times reported (4 June) the proposal didn’t even go to a vote after it became clear there was not enough support in the room for the motion to pass.
Everton’s former chief Keith Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – claimed “all clubs will want the chance to have the freedom Chelsea invented” with their women’s team sale.
‘Too late to stop Chelsea’, says Wyness
Speaking on the new edition of Football Insider’s Inside Track podcast, Wyness insisted it is too late to block Chelsea’s creative accounting.
The London giants also sold two Stamford Bridge hotels to their owners in 2023 for a total of £70.5million to avoid a spending breach for the 2022-23 campaign.
Under Profit and Sustainability Rules (PSR), Premier League clubs can lose a maximum of £105million over a rolling three-year period.
Wyness suggested he doesn’t expect the clubs to vote for a change in the rules until every club able to follow Chelsea has done so.
He told Football Insider‘s Inside Track podcast: “Isn’t it funny?
“The Premier League clubs had a chance to close this loophole before, but didn’t because they said the wording of the new rules was too broad.
“Now, these clubs will want a chance to exploit the loophole before it’s closed.
“That could be the way they come to a fudge and get this rulebook tightened up.
“The summer meeting was a crucial meeting. I’ve attended a lot of them, and they are where things get done.
“Not just at Premier League level, but also club-to-club. There will be a lot of politicking going on.
“These clubs will all want the chance to have that freedom Chelsea have invented.
“That’s what will prevent them from closing this loophole, unless they can block Chelsea – but I don’t think they can, it’s too late.
“I think there will be some big details coming out, and I’d have loved to have been a fly on the wall.”
Chelsea ready to accept Madueke offer
Meanwhile, Football Insider has revealed (3 June) that Chelsea are expected to sell Noni Madueke if they complete the signing of Jamie Gittens from Borussia Dortmund.
Gittens is understood to have a £51million release clause in his current contract with Dortmund and Chelsea have made contact.
Chelsea are ready to listen to offers for Madueke, 23, due to a feeling that his development has stalled.
For more Chelsea and exclusive news, follow us on Facebook or join our brand new WhatsApp Channel for instant updates to be sent straight to your phone.