Contents (16 sections)Latest accounts filedPersons with significant control and equity structureAnti-dilution and governance covenantsThe lossesLending structure:Facility one: BlueCo 22 senior term loans (£794.2 million)Facility Two: 22 Holdco PIK loan from Ares Management (£595.9 million)Conversion rights, warrants and default mechanicsCost of fundingClosing observationsSupplementary analysis:Blues Investment Midco LP/ Clearlake Opportunities Partners III (COP III)COP III facility to … Continue reading The Analysis Series: A deeper look at Chelsea’s ownership, BlueCo 22 Limited & 22 Holdco Limited (Year Ended 30 June 2025)