Out of the Red into the...

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What a story!! Seriously astonishing how much efforts been put into this, BRAVO ;)
 
Be interesting to see what sales are made and how the team handles it!

Will be very interesting to see how they go. I'm actually starting to think I may be pleasantly surprised!

What a story!! Seriously astonishing how much efforts been put into this, BRAVO ;)

Cheers mate! At the end of the Jan window I'm looking to do a full financial update as well as a background update as I've needed to use the in game editor to overcome some save-breaking going ons that have popped up here and there.
 
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5 January 2015


Backups step up.



4 days after the Hull match we faced Carlisle in the FA cup. We haven’t made any sales yet despite considerable interest in our listed players but I figured this was a good opportunity to get some fringe squad members who might find themselves playing a lot more soon some time on the pitch.
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It didn’t take long for us to get underway. Diarra, playing slightly higher than he is used too, found himself with some time and space on the edge of the Carlisle area. He stayed composed and found a cutting Kiwomya who struck a delightful drive to get us on the board and open his scoring account for the Chelsea first team.
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5 minutes later and we appeared to be coasting. A Kalas long ball was played out in front of Isaiah Brown and he surged past Meppen-Walker to reach it first. Then he used his strength to hold off the more senior player and streak away before finishing with ease when through one on one. A great goal for the young striker that gives me the belief he can mix it at the senior level.
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It felt like we were going to win this easily before Beck fired in a stunner from distance to give Carlisle a way back into the game.
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The game was surprisingly even from that point on and it wasn’t until the 89th minute that we sealed our passage to the next round. Another well weighted Kalas through ball turned the Carlisle defence around. This time Boga won the foot race to the ball before slotting home under Hanford.
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I would have preferred to have done this a lot more easier but all the same this was the first real action some of these guys have seen all year.
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11 January 2015



Derbies for days.



I’m starting to understand what Jose meant when he said the northern teams have it easier in the Premiership because at the moment it feels like every week almost we are playing a massive derby match against a London rival!! Given we frustratingly still haven’t sold any players we fielded a quality side against Palace and were never really trouble picking up another valuable 3 points.


Branislav Ivanovic was back in at right back and it was his cross that created the first goal on 21 minutes. Loic Remy evaded the attentions of his marker and nicked in at the front post to glance his header in past Hennessey.
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Our second goal was very unconventional. A cleared free kick fell back to Baker and he lofted his delivery back into the box. The ball then fell to Kurt Zouma of all people and the giant Frenchman then attempted and audacious first time side volley on the turn that Hennessey did amazingly well to keep out. Unfortunately for Palace though the rebound fell kindly to Cuadrado who made no mistake from close range.
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Again we appeared to be coasting at 2 nil up and again we allowed ourselves to become a little complacent. In this particular match it was Gayle who punished our lapse to flick his header in past Petr Cech.
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Whilst the complacency is an issue one thing I am liking is the way we usually the respond and today was no exception. Cuadrado led the Palace defence on another merry dance as he twisted and turned his way into the box. As the Palace defence adjusted he unselfishly found Remy who had all the time in the word to pick his spot. 3-1 and game over.

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18 January 2015



Cold wet days in Stoke.



Next up was the trip that most premiership team dread. Stoke isn’t the nicest place to play at the best of times let alone when its belting down rain in the middle of winter but we managed to give our fans nice warm feelings with a deserved victory.
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We were the better side in the early going and got on the board through Loic Remy. He was played in by Cuadrado and made not mistake from just inside the area.
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Our next goal was absolutely hilarious – unless you’re a stoke fan. A corner, flicked on at the near post fell to Shawcross at the back stick. He took a touch to steady himself and then unleashed a might wallop – that sent the ball straight into Geoff Cameron’s back directly in front of him – and the ball ricocheted into the goal. Our bench was in stitches.
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Musonda sent us 3 clear just after half time. Willian found him in the box and he slammed in across Begovic. At this point we looked to be doing it easy.
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We made some changes to get some fringe players game time and that allowed Stoke right back into it. First N’Zonzi took advantage of some slack marking in the box to slot home.
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Then Arnautovic scored with a neat turn and shot with a bit over 5 minutes to play to set up a tense finale. Thankfully though we held them at bay to record another invaluable win.
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We finally received a bid for one of our players when Shaktar came in for former player Willian. I tried to negotiate up as much as possible but they wouldn’t go past 19 million so I accepted – unfortunately the deal fell through as they couldn’t offer a wage Willian considered acceptable.
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Also we received some very bad news following the Stoke game when Remy picked up a hip injury that will keep him out for at least 2 to 3 months even with the intervention of a specialist. It’s a double whammy as it means no only can’t we sell him but he’s not much use for a couple of months either…
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24 January 2015



FA Cup dreaming.



Next we had a visit to Deepdale to take on Jamie Carragher and Preston North End. Things started well for us when Alex Kiwomya continued his recent good form striding onto a Colkett through ball and slamming home in only the 7th minute.
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Our lead didn’t last long though as Preston equalised minutes later with their first shot of the match when Huntington got up to meet a free kick and guided his header into the far post past Blackman.
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We were back in front just after the half hour. And it was Colkett again who played the role of creator, setting up Brown for the finish.
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The game was a bit of an arm wrestle from then as Preston dug in. We were the better side though and deserved our win.
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Then came the sales I’d been waiting for. At first I was very annoyed that Willian rejected Shaktar but I became happy about it when Atletico came in for him. I managed to negotiate them up to a 23.5 million dollar packed with 18 million up front and he had no problems accepting their offer. He visited me in my office and I thanked him for all his efforts saying, “Mate, you’ve been great, not just on the field but off it. Charly’s really taken off under your tutelage and is way more professional now. I wish you all the success in Spain!” With that he gave me a quick hug and left.
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Next cab off the rank was the rock in the heart of my midfield. Liverpool came in with a lowball offer for Mikel that I managed to negotiate up to 9.5 million up front with add-ons that could take it up to 19.75 million pounds. He was bawling as he fronted the press after training at Cobham to let them know he was leaving.
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Roma, obviously not content with the performances of the last former Chelsea left back they signed, came back to the blues for his replacement purchasing Felipe Luis. This was probably the purchase I had the easiest time accepting. Whilst he did turn it around in the end at the beginning of the season he made things very difficult so to be able to get even 6 million up front with an additional 7.5 million over the next 12 months is worthwhile.
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The final sale this week was that of Juan Cuadrado to Dortmund. I could tell they wanted him for significantly less than I made them pay but they were obviously in need of a winger as I was able to wrangle 16 million up front with an additional 17.65 million in add ons out of them! Maybe I will get the hang of this negotiating thing!!
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That takes the monies raised thus far this window to 49.5 million pounds in up front fees with potentially lots more in add ons. Due to Remy’s injury it is unlikely we will now get the 100 million in sales we were hoping for in this window but whatever we get will be material. Kurt Zouma, who has a lot of team interested in him is looking like he will fetch north of 20 million and Petr Cech is hoped to be sold for around 15 million.
 
Amazing stuff mate, loving it being a Chelsea fan. I always enjoy using the young players we've got when I play as Chelsea anyway. KIU man

Sent from my SM-G920F using Tapatalk
 
Not too far off the money mark of £100m! Will you be looking to invest in any youth or other players or you sticking with what you have?
 
Amazing stuff mate, loving it being a Chelsea fan. I always enjoy using the young players we've got when I play as Chelsea anyway. KIU man

Sent from my SM-G920F using Tapatalk

Thanks mate!

Not too far off the money mark of £100m! Will you be looking to invest in any youth or other players or you sticking with what you have?

I'll have a financial update up soon that will answer those questions ;)
 
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27 January 2015


Preposterous


There is no way, none, that we should have been able to win this match. Given I have left the squad in hands of Jody Morris all week as I prepared the semi annual Administrators' report I am even more chuffed. We started of with new look lineup after the recent sales. Branislav slid over to the unfamiliar position of left back but you would have never known as he played really well and we had to shake things up in the middle of the park also.
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Our first goal came courtesy of a horror mistake from Marc Bartra - he attempted to play a ball back to Joe Hart but left it short and Drogba raced onto it and slammed home.
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We didn't have to wait long for our second goal either. A half-cleared corner fell to Musonda and he fizzed a cross across goal. Terry reacted quickest at the back stick to prod home and give then fans around Stamford Bridge belief that we could beat City.
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The fans were amazing today - we rode their energy and out enthused City for the whole 90 to run out, in the end, relatively easy 2 nil winners.
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After the match Pellegrini came up to speak to me. I've never had much time for the man before now but after shaking my hand and telling me well done he looked me in the eye and said, "I just wanted to be the one to tell you - we're coming in for Cech sorry." "Don't be sorry!" I said back, "That the position we find ourselves in," I said with a shrug. Sure enough that afternoon their offer was emailed through. 15.25 million pounds, all up front. We couldn't say no and another Chelsea legend was on his way out.
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Next to go was Zouma. He's been amazing this year learning under the tutelage of Terry to become a great defender in his own right. I have a feeling he could end up being one of the best in the world for Lazio!
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That looks like it will be all the sales for this transfer window. I will use the next few days before the window shuts to see if I can swing maybe a loan deal for some more experienced players for the rest of the season but it will be difficult to organise with the financial update due so soon.
 

www.begbies-traynorgroup.com




…………………………………………..

Chelsea FC PLC – In

Administration



Joint Administrators’ first progress report for the period 1 August 2014 to 1 February 2014


























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…………………………………………..

Contents






Section 1: Purpose of the Administrators’ report
2​

Section 2: Executive Summary
3

Section 3: Financial Update
5





Appendices


Appendix A: Receipts and payments: 6 months to 1 February 2015
6

Appendix B: Administrators’ remuneration
7






























Joint Administrators’ first progress report for the period from 1 August 2014 to 1 February 2015
1



…………………………………………..

Section 1:

Purpose of the Administrators’ report




Introduction


This report has been prepared by the Administrators of Chelsea FC PLC under Rule 2.47(3) of the Insolvency Rules 1986. This is the first formal update to unsecured creditors and it provides details of progress made in the 6-month period 1 August to 1 February. The statutory receipts and payments accounts for the same period are attached at Appendix A.


The Administrators will host a one-hour webinar on 12 February 2015, giving creditors an opportunity to hear a summary of the current circumstances of the Administration and to participate in a Question and Answer session. Details of the webinar will be posted onwww.begbies-traynorgroup.com in the near future.



Creditors’ Committee


The Administrators continue to meet with the Committee to review progress and consult on major issues by way of physical meetings and audio conference calls. We remain grateful to the members of the Committee for their significant continuing efforts in support of the Administration.



Future report and updates


The next formal progress report to creditors will be in 6 months’ time. In the interim, we will continue to provide ad hoc updates in the event of any material developments, through the website, or by other means as appropriate.

Signed:


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SV Mason
Joint Administrator Chelsea FC PLC In Administration


Chelsea FC PLC – In Administration
2



…………………………………………..

Section 2:

Executive Summary




Introduction


Momentum has been created in the administration via continued on field success in the face of the off the field sales. This has continued through the January 2015 transfer window where another significant asset sell-off occurred and further value realised.




Significant achievements in the period


The most significant achievements over the past 6 months are summarised below:
  • The Chelsea first team has re-established themselves in the top half of the table despite starting the season with a 10 point deduction. The club now sits in 6th position at the conclusion of the January transfer window with an amassed points total of 38 – essentially guaranteeing premiership survival and access to an estimated £70M in televised football rights for 2015/2016 Premier League season.
  • Recent sales in the January window equated to £83.25M in immediate revenue. A number of the sales will result in trail income to assist with loan repayments. This is in addition to the £134M raised in the June/July transfer window through player sales.
  • Reduction in the wage bill of approximately £7M per month meaning the club is making approximately £10M in profit each month before loan repayments.
  • Reduction in the total loan liabilities from £540M to £353M in the 6 month period increasing substantially the attractiveness of the club to any prospective purchasers.




Priorities in the remainder of the 2014/2015 season

The immediate focus of the Administrators going forward is to facilitate:
  • Continue to assign all resources to the Chelsea first team. Their survival in the Premiership in critical to maintaining the value in the company to attract potential buyers.
  • Continue to meet payment of outstanding loans as required.
  • At season’s end review and place up for sale any returning loanees who are not required in the first team squad.

Joint Administrators’ first progress report for the period from 1 August 2014 to 1 February 2015
3




Human Resources

As at 1 February 2015, the CFC PLC staff and contractor headcount was 11 (36 at 1 June 2014), the reduction reflects a reduced approach to both scouting and training, also with fewer players fewer physiotherapists are required.


The Administrators are grateful for the continuing support provided by staff and contractors and for the ongoing contribution to the Administration.









































Chelsea FC PLC – In Administration
4



…………………………………………..

Section 3:

Financial Update




Indicative financial outcome


We set out in the table below a high-level analysis showing our current view of the Low and High case financial outcome scenarios for unsecured creditors at the end of the 2014/2015 season. It is important to note that this is an indicative financial outcome range, subject to change. It should be read in conjunction with the notes following and the narrative and assumptions set out elsewhere in this report.


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Notes to Indicative Financial Outcome

1. Premier League Prize Money

This has been estimated using a scale for merit money starting at £1,236,083 for 20th position, rising by £1,236,083 per position with an expected finish range of 10th(low) to 5th(high).


2. Player Sales


Approximately 20 players return from loan at the end of May 2015. The transfer window opens in mid-June. It is expected the majority of those players will be sold and as a group they hold a market value of approximately £100M.


3. Secured Creditors

Loan repayments will continue to Mr Abramovich. The current rate is £29.41M per month and will continue until the end of the loan.


4. End of season position

It should be noted this represents the end of season cash flow position and doesn’t take into account future loan liabilities.


Joint Administrators’ first progress report for the period from 1 August 2014 to 1 February 2015
5



…………………………………………..

Appendix A:

Receipts and payments:

6 months to 1 February 2015





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Chelsea FC PLC – In Administration
6




…………………………………………..

Appendix B:

Administrators’remuneration




Background


Details of the statutory framework for the approval of the Administrators’remuneration, the role of the Adviser and the level and detail of disclosure provided by the Administrators are set out on the Website.


The Administrators continue to provide the Committee and its Adviser with detailed information relating to their remuneration and to Category 2 disbursements, in accordance with SIP 9, on a quarterly basis.
The remuneration information contained in this report is extracted from the Q3 and Q4 2014 data packs which have been provided to the Committee and its Adviser.




Analysis of time costs


In the 6 months to 1 February 2015, time costs of £1,044,169 have accrued, totaling 2,470 hours at an average hourly rate of £422.74.


Analysis of Administrators’’ Remuneration


The table below provides an analysis of the Administrators’ total hours incurred and the associated cost by staff grade, in respect of the period 1 August 2014 to 1 February 2015.


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Joint Administrators’ first progress report for the period from 1 August 2014 to 1 February 2015
7























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www.begbies-traynorgroup.com

© 2015 BtG All rights reserved. Not for further distribution without the permission of BtG. “BtG” refers to the network of member firms of Begbies Traynor Group International Limited (BtGIL), or, as the context requires, individual member firms of the BtG network. Each member firm is a separate legal entity and does not act as agent of BtGIL or any other member firm. BtGIL does not provide any services to clients. BtGIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm’s professional judgment or bind another member firm or BtGIL in any way. 999007-154858-BT-UK




 
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Just astonishing mate! I am so gripped by this story and am pretty much stunned at the level of detail. I bow down! A really interesting challenge and a fantastic story! keep it up buddy!
 
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31 January 2015



Forebodings



Fresh off emailing out the Administrators’ Update I raced up to Liverpool to take my place on the sideline for the game against Everton. Goodison Park hasn’t been the happiest of hunting grounds for Chelsea over the years and today would be no exception.


Given the recent turnover we fielded an incredibly youthful squad. Drogba was still feeling the effects from his mammoth effort against City 4 days ago so we started with Brown up front. Actually with the exception of Terry, Ivanovic and Thomas every starter was aged 22 or younger with most being under 20.
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Our inexperience showed early as Barkley, playing as a number 10 today, was the quickest to react after Blackman could only parry Lukaku’s initial effort and turned home from close range. That set the tone of the day as from that point on we were basically chasing shadows.
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We tried hard though and held them at bay for the majority of the match but in the 88th minute we cracked and allowed Distin free at the back post to meet a free kick and he headed in back across Blackman to seal all 3 points for the Toffees.
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We’d been beaten and beaten handily. Whilst I truly believe we will avoid relegation with ease we would like to finish as high as is possible. I got out my phone and texted scout Alf Blanford, “Loan targets, go. Meeting tomorrow 10.30am, meeting room 3.” I then texted the rest of my coaching group to also let them know of the meeting.

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1 February 2015



Reinforcements



The transfer window shut at midnight tomorrow. This meeting I had called could prove to be one of the most critical things we did all season. As everyone arrived and arranged themselves so they could see the screen around the table you could tell that they all knew there was a need for reinforcements also.
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Blanford got things underway, “Alright lads, Rob tells me you all know what this is about so I wont waste anyone’s time.” There was a few murmurs and shuffling around the table and it was actually Morris was spoke up. “Look I get why we are here but really who are we going to be able to pick up at this point that will truly help us?”


“I think you’ll be pleasantly surprised,” Alf replied and continued, “First up is 27yr old Patrick Ebert. He’s got a decent pedigree with a number of under 21 German caps to his name. He’s currently contracted to Spartak but isn’t enjoying his footy in Russia and wants a move. He’s got the quality to help out wide but will struggle a little bit with the physicality of the English game. His agent says Spartak would let him move if we pick up half his wages.” “How much is that?” I asked, “Eight and a half per week Gaf,” Alf replied without looking at his notes – he was well prepared. “Lets do it then, no time for stuffing about.” I said ruefully.
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“Next up is Jacob Murphy. Norwich aren’t using him in the first team much and, although not as good as his brother, would still be good as backup for both wide positions and up front.” Blanford continued. Flo threw his weight behind the move, “Yep, I’ve seen him a few times and he can be good for us boss. I’ll work with him.” I looked Tore in the eye, “Good, I’m on board with this too. How much Alf?” “You’re not going to believe this boss but he’s only on a touch over 3k per week.” Alf replied. “Get it done.” I said.
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“Another to help in the middle of the park is a bit of an older bloke but he’s extremely handy. Anatolly Tymoschuk is keen to play more than Zenit are using him. He’s a bit more expensive at around 25k a week but I think he’s worth it.” Alf said. “I agree,” I said, “he’ll give good leadership too, that another tick from me.”
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“The last one is a bit of a blast from the past. He’s been here before on loan and I think we can get him again. Ricardo Quaresma is available and all we have to pick up is around 9k per week of his wage bill. I think he could be great in this system and would really improve the quality out wide and allow Musonda to play back in the middle.” Alf smiled, as if he already knew my response – I think that’s where the business man in me makes me a little predictable. “That is literally a no brainer. Get him here ASAP.” I commanded.
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Some good loan signings going on there! Hope to see a few more points picked up going in to end of season!
 
Some good loan signings going on there! Hope to see a few more points picked up going in to end of season!

Thanks mate - it will take them a little while to settle no doubt, although thats something I've struggled with a bit all season, but once they are full go I think they will all help considerably. I found that after losing Cuadrado and Willian in January our system isn't working nearly as well so I particularly targeted wingers.
 
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7 February 2015



Signs of Life



5 days after the transfer window had shut and the Financial Report delivered we welcomed Newcastle to Stamford Bridge. Although all of the loanees were now available we decided to stick with substantially the same squad as they haven’t had much time to settle. Minutes in – that didn’t appear to be the best decision.


Remy Cabella, without too much on offer, picked up the ball on the edge of the area. Andreas Christensen, who one day will be an exceptional defender raced out to shut him down, rookie mistake. The Frenchman felt the pressure coming and rolled Andreas with ease. He then fizzed in a low shot that – if I’m being brutally honest – should have been a regulation save for Blackman but somehow the ball squeezed in under him. Horror start.
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I took a couple of deep breaths, carefully considering what reaction my actions to come might elicit. ‘Nah f*ck it,’ I thought, ‘these kids have to grow up sometime.’ I walked out to the edge of my area and gave it to them. It turned out to be a stroke of genius.


We dominated from that point on and were back on level terms just before half time. Although my youngsters might be mentally weak at times one thing they can never be accused of lacking is technical ability and Boga has it in spades. A minute before the break he struck a free kick that Beckham would have been proud of as it dipped and swerved away from Krul who, despite his best efforts, couldn’t even get a finger on.
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At this point there only looked like one winner and we pressed and pressed and pressed for that winning goal. The only problem? It never came, and we had to settle for a point when our performance really should have been rewarded with 3.
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