Contents (21 sections)SummaryThe Ares and senior facilities: what is verifiably knownTypical covenant architecture in facilities of this typeInformation and reporting covenantsFinancial maintenance covenantsNegative covenants (incurrence-style undertakings)Football-specific triggersLikely financial-ratio covenant levels: disclosed evidence and market-standard rangesDisclosed football-sector covenant levels (hard evidence)Market-standard ratio ranges (leveraged and private credit practice)Application to the Chelsea structureThe Eagle football precedent: Ares … Continue reading The Analysis Series: Chelsea FC / BlueCo Group: Covenant architecture and technical default risk on the Ares Management facilities