Premier League accepts sale of Chelsea hotels for Sustainabilty compliance

The Premier League has handed Chelsea Football Club some reprieve as it has approved the £76.5 million ($101m) sale of two hotels to a sister company in a deal which helps their compliance with the profit and sustainability rules (PSR), according to media sources on Wednesday.

In Chelsea's accounts for the 2022-23 financial year published in April, it was revealed that the west London club made a loss of £89.9m, but that figure would have been £166.4m had they not sold the Millennium and Copthorne hotels adjacent to Stamford Bridge.

The agreement meant the two properties changed ownership from Chelsea FC Holdings Ltd to BlueCo 22 Properties Ltd. Both companies are subsidiaries of Chelsea's holding company, BlueCo 22 Ltd.

While UEFA and the English Football League bans such sales, the Premier League allows them to take place subject to an assessment of their "fair market value" under the league's associated-party transaction rules.

According to ESPN's findings, the process has now been completed and the deals were found to be within an acceptable margin relating to estimates of the hotels' valuation, had they been sold to another bidder.

The turn of events is sure not to get the nod of approval from Chelsea' Premier League rivals.