Chelsea Gripped by Fear of Going Bust Roman Abramovich’s Sanctions Continues.

Chelsea Gripped by Fear of Going Bust Roman Abramovich’s Sanctions Continues.

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13 Mar 2022
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Chelsea fears they will be unable to pay their bills despite the government’s refining of sanctions intended to help them finish the season.

April 1 is pay day for players and staff, with Chelsea’s monthly payroll cost estimated to be over £28 million. While there are reserves to pay players next month, Chelsea’s only source of revenue at the moment is from Premier League broadcasting and prize money from UEFA and the FA for progressing through their respective cup tournaments, the latter of which is permitted following Saturday’s clarifications.

Hyundai became the latest sponsor to halt marketing efforts with Chelsea on Saturday, while the Premier League barred owner Roman Abramovich from serving as a club director as the club’s problems continued.

Manager Thomas Tuchel is always emphasizing to his players the importance of concentrating on what they can control, on the pitch. But there is still an air of uncertainty in the dressing room, with players uncertain about their own futures and the club’s direction under new ownership.

The majority of agents representing Chelsea players have visited lawyers to determine under what conditions the club would be in violation of contract.

Despite some easing of Government sanctions on Saturday, Chelsea are still unable to sell unsold tickets for upcoming games, which is said to be critical for generating sufficient cash flow, with sources close to the club indicating that the club will quickly go into the red and will face grave danger unless the Government relents.

The Government is thought to be reconsidering the request early next week and insisting they have no intention of running the club into administration. Both sides are committed to a quick sale, with merchant bank the Raine Group soliciting bids from interested parties.

The Government will change the licensing terms to permit a sale and is willing to collaborate with Raine Group and accept their chosen bidder.

Abramovich would not obstruct a sale, according to sources close to the owner, who insists that he has already recognized that he will not gain from the sale because proceeds will be donated to war victims.

The Government will ultimately decide how the funds are spent under the provisions of the penalty.

The frontrunners are all North American sports franchise owners: Todd Boehly, a co-owner of the Los Angeles Dodgers with Swiss billionaire Hansjorg Wyss and, according to Sky, London property developer Jonathan Goldstein; the Ricketts family, owners of the Chicago Cubs; and Woody Johnson, owner of the New York Jets.

Additionally, reports said that London property developer Nick Candy is still interested in forming a group.

Government sanctions against Abramovich previously restricted the club to paying personnel and imposed a £500,000 cap on the cost of staging a game at Stamford Bridge, almost half the cost of staging a home game. This ceiling has been increased to £900,000.

Contractors and temporary workers were also added to the list of eligible employees, making it easier for Chelsea to organize home games and pay expenses to academy players, parents, and host families who house young players.

Previously, this was unclear, leaving the club paralyzed over who could be legally compensated and if they could order taxis for casual personnel or have matchday hosts in the press room.

However, there is no increase in the amount of money the club is permitted to spend on transport to games, which stays at £20,000. That will not be an issue for Lille on Wednesday, as the match is pre-paid, but £20,000 will not cover the cost of a plane ticket to Middlesbrough in the FA Cup on the following Saturday. While the Government appears to be receptive to increased travel costs for future Champions League games if Chelsea progress, there is no sign that the domestic cap would be increased, meaning Chelsea players will have to adjust to train and coach travel for away games.

Chelsea’s corporate credit card account was banned last week by Barclaycard, who wanted to determine whether they were in violation of penalties by offering a service. Chelsea are optimistic that the account will be returned shortly.

While Chelsea’s sponsors are withdrawing their support for the club, it is expected that the players will continue to wear the Three logo today, despite the telecommunications company’s request, because patching over the logo has proven impractical and chemical sprays to remove it leave the shirt a mess. Nike is unable to produce fresh sponsor-free jerseys for fear of violating the fines’ provisions.

The Department for Digital, Culture, Media and Sport said in a statement: ‘We have always stated that we will work with Chelsea to ascertain what is required to enable games to be played while minimizing the impact on leagues, the football pyramid, and fans. .

 

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