State of the Platform, H1 2026: Fundraising, Redemptions, Private Credit Performance, and the Football Exposure in Context Eagle Football Holdings (crystallised) · Chelsea FC / BlueCo / 22 Holdco (uncrystallised) Analysis by […]
The Analysis Series: The Chelsea FC Premier League sanction agreements; Analysis of the charges, process, decisions and sanctions, with the case for and against the Premier League’s approach
3rd August 2026 Primary sources: Premier League / Chelsea FC Sanction Agreements (Phase 1 & Phase 2), published 16 March 2026; FA Regulatory Commission and Appeal Board decisions, 31 July 2026; UEFA […]
The Analysis Series: Chelsea FC & BlueCo consolidated group structure, Report on cash flow, debt structure, squad valuation, transfer payables & receivables, and forward funding requirements
Date: July 23, 2026 Primary Sources: Companies House filings (Chelsea FC Limited, Chelsea FC Holdings Limited, BlueCo 22 Limited, 22 Holdco Limited, FY ended 30 June 2025); UEFA CFCB published settlement summary […]
The Analysis Series: UEFA financial sustainability regulations, club sanctions, settlements & monitoring 2026/27 season
2 July 2026 Summary This briefing sets out every club currently subject to a UEFA Club Financial Control Body (CFCB) disciplinary decision, settlement agreement, or active monitoring measure under the UEFA […]
Analysis Series: Administration of Eagle Football Holdings Bidco Limited: A planned creditor enforcement and the playbook of alternative asset lenders in football
AM03: Notice of administrators’ proposals Summary The appointment of Cork Gully LLP as Joint Administrators of Eagle Football Holdings Bidco Limited on 27 March 2026, executed unilaterally by Ares Capital Corporation acting […]
Research: Clearlake Capital’s investment and lending exposure to Chelsea Football Club (BlueCo 22 Limited / 22 Holdco Limited Group): May 2022 – May 2026
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: 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: Financial architecture of 22 Holdco Limited: Analysis of Ares Management’s credit exposure, warrants, and embedded derivative structures within the Blueco consortium
For anyone wanting an understanding of how Chelsea are funded and how Ares operate this is a must read: Summary and macro-financial context The global sports finance landscape has undergone a profound […]
The Analysis Series: The extra-ordinary £700 million loss by Chelsea’s parent company
Analysis of the financial performance and capital structure of 22 Holdco Limited: 2024-25 fiscal review 22 Holdco 2024/25 accounts The consolidated financial statements of 22 Holdco Limited for the fiscal year ended […]
The Analysis Series: Financial and structural analysis of Chelsea Football Club Limited: 2024/25 Annual Report and recapitalisation
Chelsea fc accounts 2024/25 The financial performance and structural evolution of Chelsea Football Club Limited during the fiscal year ending 30 June 2025 is an unprecedented and extreme case study of […]