Former Manchester United defender Rio Ferdinand has questioned how Chelsea can sit top of a list that ranks the healthiest Premier League clubs based on profitability and sustainability rules (PSR).
Speaking on his podcast, Rio Reacts, the former England star was left gobsmacked after reading the list that firmly planted the Blues at the summit with £300million banked in sales, despite their hefty spending under Todd Boehly.
The Blues have spent more than £1.1billion over the past three years, consistently topping the Premier League's spending charts. Despite this, they have managed to avoid falling foul of PSR.
Speaking to football finance expert, Kieran Maguire, Ferdinand was unable to hide his shock. "I've got a list of the healthiest PSR clubs. Chelsea? How the hell are Chelsea top, please, with £300m?" Ferdinand questioned.
Under the current rules, Premier League clubs are forbidden to have losses of more than £105m over a three-year period. Maguire explained just how the Blues are actually taking advantage of a notorious loophole that exists courtesy of the Premier League.
"In terms of Chelsea, having this £300m - £200m of that comes from selling the women's team to themselves, and another £70m, or £60-£70m, comes from selling a couple of car parks to themselves as well," Maguire said. "Without that, Chelsea would be in a really tricky position."
Todd Boehly looks on
Todd Boehly has overseen massive spending at Chelsea during his time at the club (Image: Getty Images)
Probed on whether such business is legal, Maguire confirmed that it was, adding: "It's in the Premier League rules. The Premier League had the opportunity to close that loophole last week and the club owners decided they quite liked it as it seems a 'get out of jail free' card that Chelsea have used and perhaps other clubs might say we want to use that as well."
It's believed Chelsea softened their money worries with the loophole in question. Chelsea's accounts, published in April 2024, showed that the club had made a staggering loss of £89.9m in the last financial year.
However, that sum would have been £166.4m without their savvy sale of two hotels from Chelsea FC Holdings Ltd to Blueco 22 Properties Ltd, which generated £76.5m. Both businesses are subsidiaries of Chelsea's holding company, Blueco 22 Ltd.
Moises Caicedo and Enzo Fernandez embrace on the pitch
Moises Caicedo and Enzo Fernandez cost Chelsea a combined £221million (Image: Sebastian Frej/MB Media)
While Chelsea's spending has been closely examined since their takeover by Boehly, they have continued to comply with financial regulations. They have also generated nearly £500m in player sales, something Ferdinand was quick to praise them for.
"You've got to give it to Chelsea, yeah," He said. "Their owners have come in, they've created a new model right, everyone laughed at them, everyone ridiculed them, said, 'There's no chance they're going to finish anywhere, if you were a player you'd never sign for Chelsea'.
"They've swept up some of the best talents in the world. They've gone full throttle with it and backed themselves, and then found a few loopholes, that some people are turning their nose up at, but if there's a loophole there to be had, it's there to be had, and they've exploited that and that's the Premier League's doing, not theirs.
"They've seen it, gone for it and then used it to their own benefit. Their model in terms of selling players, I don't think it can be beaten at the minute - them and City probably."
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Cole Palmer of Chelsea celebrates scoring his team's second goal from the penalty spot with team mate Jadon Sancho during the Premier League match between Chelsea FC and Brighton & Hove Albion FC at Stamford Bridge on September 28, 2024
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