‘A mess’ - Newcastle United boost as Premier League rivals given grim FFP warning

Chelsea co-owner Todd BoehlyChelsea co-owner Todd Boehly
Chelsea co-owner Todd Boehly | Getty Images
Newcastle United are set to rival Chelsea for honours and Champions League places in the coming years

Football financial expert Kieran Maguire has insisted Chelsea are “not in a brilliant position” regarding their balance sheet.

The Blues recorded a £121.4million loss for the 2022-23 campaign - sparking fears about potential points deductions. Premier League clubs are allowed to be £105million in the red over a three-year period.

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Chelsea made a £36million profit in 2019-20 but those figures are set to drop out of the accounting period next year. Failing to qualify for Europe last season - a reality that could repeat itself this time around - has also impacted their situation.

Top-flight chiefs are investigating the Blues for alleged misdemeanours that took place during Roman Abramovich’s latter years as owner. A catalogue of uncertainty has cast a dark cloud over Stamford Bridge.

Chelsea owners released a bold statement defending their financial situation over the weekend. The announcement read: “The club continues to balance success on the field together with the financial imperatives of complying with UEFA and Premier League financial regulations.

“The club has complied with these regulations since their inception in 2012 and expects to do so for the foreseeable future. It also addressed concerns over an ongoing investigation into blackspots in previous financial reports under the Roman Abramovich administration.

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“During the prior period, the company self-reported to relevant football authorities certain legal matters concerning historical football transactions. The directors acknowledge the ongoing review by the football authorities in relation to these matters."

But monetary guru Maguire has questioned Chelsea’s optimism, insisting new FFP/PSR regulations will only deepen their crisis. Clubs voted unanimously last week to adopt a fresh financial model that focuses on wages-to-turnover ratio.

“Chelsea are not in a brilliant position for when the new squad control costs are introduced,” he said about the Blues, who Newcastle United are expected to rival in the coming years. “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. They have to take responsibility - although whether they are prepared to do so is another matter.”

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