Clearlake Chelsea Exposure Research 6 May 2026 Prepared as of 6 May 2026. Currency: figures cited in £ unless stated. Where SEC schedules report in USD, the original disclosure is preserved. Clearlake […]
The Analysis Series: NSWE UK Limited (Aston Villa) Accounts, year ended 30 June 2025
NSWE UK Annual Accounts 20242/5 Overview The Group reports a pre-tax loss of £96.7 million (FY24: 13-month loss of £85.2 million) and a post-tax loss of £96.8 million. Yet the parent statement […]
The Analysis Series: Chelsea, Clearlake, COP III – is the funding debt or equity? Unsurprisingly, there’s no clear answer
The complex funding arrangements of Chelsea Football Club (and to be fair, they’re not alone in having complex funding arrangements), there’s an increasingly public discussion as to how much is funded by […]
The Analysis Series: West Ham United relegation scenario analysis
The FY25 accounts already describe a club operating well outside its means even before any relegation shock is applied. Turnover collapsed from £268.2m to £226.1m on the back of the drop from […]
Tottenham Hotspur relegation scenario analysis, financial and capital structure impact
Prepared: 3rd May 2026 Base accounts: Year ended 30 June 2025 Context: As at the date of this report, THFC sit 18th in the Premier League albeit with a game in hand […]
The Analysis Series: A deeper look at Chelsea’s ownership, BlueCo 22 Limited & 22 Holdco Limited (Year Ended 30 June 2025)
Following on from my initial analysis of the Chelsea ownership, I thought a further look at the two companies, Blueco 22 Limited and its parent company 22 Holdco Limited would be […]
The Analysis Series: Analysis of Everton Stadium Development Limited accounts, year ended 30 June 2025
Everton Stadium Development Limited Accounts 2024/25 Everton Stadium Development Limited (ESDL) is not a trading business in any meaningful sense; it is a special-purpose subsidiary whose entire reason for existing has been […]
The Analysis Series, a detailed look at the accounts of Eagle Football Group SA (EFG), formerly OL Groupe SA, the Euronext Paris-listed parent company of Olympique Lyonnais
Eagle Football Group Universal Registration Document-2024-2025 This is Eagle Football Group’s Universal Registration Document (referred to as URD or document in this report) for the fiscal year ended 30 June 2025, filed […]
The Analysis Series: Manchester City v The Premier League: The “115 Charges” case
The case: In February 2023, after a four-year investigation triggered by Der Spiegel’s November 2018 Football Leaks publications, the Premier League formally referred Manchester City to an independent commission alleging breaches of […]
Systemic collapse of Eagle Football Holdings must bring highly leveraged multi-club operations to a swift end
Eagle Football Holdings was initially marketed to global investors and regulatory bodies as a synergistic, highly integrated multi-club ownership (MCO) model, encompassing Olympique Lyonnais in France, Botafogo de Futebol e Regatas in […]