Report: Chelsea sold off a hotel worth £76 million to avoid point deduction

Chelsea sold off a hotel to comply with Profit and Sustainability Rules (PSR)

In a stunning revelation, Chelsea had to sell a hotel to BlueCo, a consortium led by their new owner Todd Boehly, in order to avoid flouting Premier League’s Profit and Sustainability Rules (PSR), as reported by The Daily Mail.

According to regulations, the league allows a club to record losses up to £105 million a year, whereas Chelsea’s existing losses amount to a staggering £249 million. This prompted the side to sell off a hotel, and in the coming transfer window, the club is looking to offload some players too.

Many of these players are likely to be home-grown stars because the amount generated from their sale is considered as “pure profits” and it will help the Blues to remain in line with the PSR rules. Therefore, Conor Gallagher, Armando Broja and Lewis Hall are potentially on the chopping block.

Everton and Nottingham Forest have had points deducted for flouting PSR rules, and Chelsea will be eager to join the unwanted list of clubs slapped with sanctions.

Qualifying for the Champions League could have alleviated the pressure on Chelsea

A good way to have reduced their losses and thereby avoid facing PSR-related sanctions would have been qualifying for the Champions League, since Chelsea rake in lucrative amounts through viewership from the competition. However, the club failed to make the cut this season, having finished in 12th place last season, missing European football altogether. History is set to repeat itself once again this season as the Blues are down in ninth position of the league table, with only eight games remaining.

Also Read: Conor Gallagher’s condition to leave Chelsea this summer revealed