Contents (15 sections)The headline financial positionWhy UEFA’s number is £93m worse than Chelsea’sWhat the settlement agreement actually requiresHow likely is a breach?The punishment if they breachFootballing consequencesFinancial consequencesModelling 2026/27 football earnings with no Champions LeagueRelevant incomeRelevant expensesSingle-year Football EarningsThe Ares warrant and conversion mechanics – where Ares sits, and what the instrument actually isThe conversion … Continue reading Consequences for Chelsea of failing to qualify for Champions League or indeed Europe next season