Out of the Red into the...

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25 April 2015



180 degrees



Welcoming Liverpool to Stamford Bridge off the back of the Man U beating I wasn’t very hopeful of a good result. Our guys surprised the heck out of me though!!!


Although Liverpool maybe shaded the game we were first on the scoresheet when Daniele Bonera turned home from close range from a corner. The big Italian showed a lot of strength to hold off his marker and turn and volley home just after half time.
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And we managed to keep a clean sheet today. Blackman has been at fault for some of the United goals a fortnight ago but today he was faultless.
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This result took us up to 6th on the ladder with 4 games to go – an amazing season given our points deduction and playing roster turnover. Really, anything less than a 7th place finish from here would be a disaster.
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3 May 2015



IZZY!!!!



We travelled to the north east to take on Sunderland here. In what was a close game we had young Izzy Brown to thank for all three points – he is fast becoming a fan favorite.


Our first goal came from an unlikely source though. Hendry Thomas reacted quickest to a rebound from a Lewis Baker free kick than Pentilimon had saved well. The former Wigan man has been an unsung hero for us since Mikel left and fully deserved this moment.
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Then the youngster the league is beginning to fear stepped up. Receiving the ball on the edge of the area he took perhaps a first touch the seemed a bit big. He raced through though and struck his first time shot with venom to leave the Sunderland custodian no chance.
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Steven Fletcher though ensured we couldn’t relax, capitalizing on a Kalas mistake to bring the margin back to one.
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We managed to see the game out though and record a deserved 2-1 victory.
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10 May 2015



Sorry Fans



Tottenham came to the bridge today and got luck as we were very wasteful. We had a outshot them 2 to 1 but just lacked that clinical, killer instinct.


Dos Santos was the hero for Tottenham today, bagging both their goals at either end of the match. His first came off the back of a really nice run in only the 2nd minute and then his second then came on the counter as we were look for an equalizer late in the second.
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Tough day for the young guys as they really worked hard enough to earn, at the very least, a share of the spoils.
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The worst part about this result was that it mean Tottenham jumped us back into 6th spot with 2 games to go. I know its only really for the Europa League but I really want to get that 6th place finish now!!
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18 May 2015



Who rules West London?



For our penultimate fixture of the season we travelled the short distance to Loftus Road to take on QPR. They had secured premiership safety for another season and there was a carnival mood in the air tempered though as only a local derby can. Given we still had 6th spot to play for I really wanted the win however it seemed the end of season holiday was already in a few of our player’s minds as we took the pitch…


Early on it was all QPR as they put on a show for their fans who’ve spent most of the season worrying about a relegation dogfight. It was no surprise then when Tommy Smith put them ahead in the 10th minute with a header.
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On the half hour mark it was two. Eduardo Vargas this time beating Blackman with a sharpish shot at his near post. With only weeks to go until the loan army returns I’ve had my scouts keeping an eye on out players and Matej Dalec is one who has stood out as a good who can improve the quality of the side – Blackman will need to up his game and he holds a higher market value than Dalec so if anyone is to be sold it would be him.
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We changed things up at that point to a 4-2-3-1 in an effort to create more but we fell further behind when Charlie Austin headed in at the far post – a disappointing effort by our defenders there.
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Minutes later though IZZY gave us some hope as IZZY picked up the ball in the area before slamming in past McCarthy. IZZY’s been a revelation these last few weeks and, if we can’t find a buyer in the offseason, I have a feeling that he will be a very important cog in the side next season.
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We pressed even harder for a goal after that point but all that did was leave us more exposed at the back and, following a flowing counter attach, Charlie Austin made us pay sweeping in on the half-volley.
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A day to forget then as we allowed QPR fans bragging rights for another couple of months. Also this match essentially sealed 7th spot for us as Tottenham was victorious in their fixture.
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24 May 2015



Is that a fat lady I hear?



For the final fixture of the season Villa visited Stamford Bridge. The fans in attendance were in full appreciation for the players after what has been a taxing season and the players responded by putting on a show.


3 minutes in and Boga got the party started when he smashed one into the roof of the net – Guzman’s despairing dive wasn’t even close to stopping this.
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10 Minutes before the break we were two up when Musonda was played in by a clever IZZY flick. His touch took him past Guzman and he had the simple task of passing into an empty net.
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We made things a little tough for ourselves when Delph capitalized on a RLC mistake just before the break and slammed a goal in for Villa.
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Normal service was resumed though 15 minutes after the restart as Bonera continued his unlikely scoring run holding off his marker and volleying in from a corner to re-establish our 2 goal lead.
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From there we were never really tested again and ran out easy 3-1 victors.
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After the post-match media obligations we all stayed in the sheds and had some beers – even the young guys. You could see the group had a strong sense of pride for what we’ve achieved this season and it was an enjoyable evening. As the festivities were drawing to a close I felt my phone vibrating. Looking down I could see it was Steve. “Yes,” I answered. “Mariana, Bruce and Eugene are coming to the Paddington offices tomorrow at 11am. You need to be here at 9 to prepare with me. Sounds like there’s some fun going on there!” Steve said straining to be heard over the din.


“Sure is,” I replied. “Well have fun,” he said back. “If you’re not in till 9.30 I’ll understand.” “Ha ha – you’re the best, boss,” I said sarcastically down the line. “See you tomorrow.” And with that I took my leave, time to go home and see Ness and the kids, they’ve been a bit neglected the past 11 or so months!!
 
Cracking 1st season, Still look forward to these updates coming out and enjoy the read too!! Just out of curiosity, What was the youth intake like? Any potential stars for little wages and big sell on?
 
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25 May 2015


T2: Judgment Day


I wasn’t sure what to expect as I arrived at the Paddo office a full 5 minutes before 9am – take that Steven Mason! When I walked in though we were quickly down to business.


“Have you heard the good news?” Steve said, casually handing me a glass of Glenfiddich Gran Reserva that he had just poured out over a couple of ice cubes – he had already started his.
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“What good news?” I replied, taking a sip – Geezus that’s good.


“We made Europe!” Steve replied casually with a smile.


“How, I thought only 6th got in?”


“Nope, we go in at the 2nd qualifying stage mate. Great stuff, this will help with finding a buyer,” Steve continued.
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“How is it all going with finding a buyer?” I enquired.


“We’ve had some nibbles but nothing serious unfortunately. We’re still around 280 million short of the 1 billion for Roman so any purchaser has to pay that and that is still the stumbling block.” Steve replied.


“We should get around 60 to 80 at least I think for sales when the loanees come back.” I said.


“That will help, hey how much prize money will we get now this season?” Steve asked.


“14.81 mill. Also the best part was we don’t any tax either!!” I said, barely surpassing a snigger. Our horrendous losses over the year made sure of that!
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We continued to shoot the breeze about the loanees and who might stick on for next season and soon enough the directors arrived. True to style Mariana got things started. “Rob we want to thank you for the great season. To finish 7th after all the turmoil is fantastic. Roman is very pleased with the funds you’ve been able to raise. Considering there is still 6 months till the final payment is due that you only have 280 million outstanding is, well, outstanding!!”


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“Well it should be considerably less than that – we expect that we will receive around 90 million in TV revenue this upcoming season and with the sales we actually expect our outstanding amount payable to Roman to be below 200 million come the start of next season.” I suggested.


“Wait what?” Buck enquired. “Are you saying there is a chance Roman might still get all his money and remain owner?”


“Look it’s by no means likely but for the first time I can see a way in which the money is raised in full and Roman retains ownership!” I said with a smile.


“Well I’ll be!” Bruce continued, “Romans gonna love that news!!”


“As Rob said it’s not even likely at this point Bruce,” Steve interjected, “but it is possible, and that message should be conveyed to him. We respect that he still may wish to search for a seller and we will be continuing to do so until instructed otherwise but at this stage none have been forthcoming – despite our best efforts. Like last season we are aiming to be completing a full squad report at the conclusion of the transfer window and we will be producing a financial summary as required by the Insolvency Rules so more accurate data will be available then.”


“Gentlemen, you’ve done wonderfully well. We couldn’t be happier with the outcome to date you’ve provided. We’ll take this back to Roman and await the reports. In the meantime please accept our thanks.” Mariana said.


“As always, it’s our pleasure,” Steve said. After they had left he turned to me and said, “well that went about as well as could possibly be expected. You’ve done a great job over there Rob.” and with that he patted me on the back and poured out two more scotches.

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Still loving this mate, it's only a shame it wasn't out earlier otherwise I would nominate it for the Story of the year, brilliant work again!
 
JamesScott2908 said:
Cracking 1st season, Still look forward to these updates coming out and enjoy the read too!! Just out of curiosity, What was the youth intake like? Any potential stars for little wages and big sell on?
Click to expand...

Youth intake was terrible to be honest mate!! Nothing worth mentioning although I did sign them all in the hope I can sell a few on.
 
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5 July 2015



Round 2 – FIGHT!



The offseason had flown by! I didn’t even end up getting away as I spent every available hour at home with Ness and the kids. Soon enough it was time to report back and very quickly the coaching team and I were back into it – arranging sales and trying to strengthen our coaching stocks. One of the things that came up in our end of season meeting with the players was the need to bring more coaches in to help them develop. We are now going to look at bringing in coaches – keeping in mind our previously set wage limits of 1,000 pounds per week – to help our youngsters develop as much as possible.


One youngster who really came on last year was Lewis Baker. At only 19 he has the world at his feet and can now count himself among seem esteemed company having picked up his first full English cap.
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Shortly after the FA advised us of the TV money we can expect to receive this season. An eye-watering £57.03m will be coming in – vindicating my decision to focus on the league rather than chasing cup glory. We will also receive extra should any of our games be deemed worthy of moving.
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Once this became clear I got a call from Steve who advised that there was some preliminary talks finally going on in regards to selling the club. I’m not sure if there is a power grab going on but it appears director Gary Heffernan, who I previously thought loyal to Roman, is at the head of the group looking to buy. There may be more than meets the eye here though – I trust Steve knows what he is doing.
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Sky Bet then released their odds for the upcoming premiership season and had installed us as equal 6th favorites. Can’t say I have any issue with that given we have sold out the core of the squad since last season.
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Also we were required to provide a market announcement (in addition to the more detailed creditor report due in August) for tax purposes at 30 June. In it we announced losses of £88m for the 2014/15 financial year. I expect any losses this season to be significantly smaller as the loan to Roman will be fully paid off around Christmas.
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24 July 2015



You gotta walk before you can run



Our first preseason match saw us in a hastily arranged fixture at home to Estudiantes. We had originally accepted an offer to travel to South Korea for a 4 match tour but our Europa League qualifying tie against Motherwell clashed and the tour had to be cancelled. Thankfully Estudianties and River Plate happened to be in the area on tours of their own and were happy to make the extra trip to play at Stamford Bridge.


We started here with a very different side. Although some of the returning loan army have been sold (more on that in an upcoming update) others will now remain with the squad in first team roles. One we have potentially earmarked for such a role is Thorgan Hazard – although, as always, that could change if the right bid came in. It hurt to lose his brother around this time last year so to see Thorgan open the scoring today with a wonderfully taken free kick just after the hour mark will have gone a ways to easing the fan’s pain.
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Kiwomya then doubled our advantage a few minutes later when he fired in on the angle from close range. The flying winger was in an out of the side a bit last season and, although he may lack the technical quality of other players at time, it is undeniable that he seems to produce – more often than not – when given an opportunity.
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Estudiantes though are a very good side in their own right and dragged a goal back shortly after. Acosta sprung the offside trap and broke through – calmly finishing under Blackman.
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We played well though and, given this was our first action of the season and with a lot of new players, I was very happy with both the outcome and the performance.
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26 July 2015



Character building



On only days rest then we welcomed River Plate to Stamford Bridge, with the game against Motherwell on the horizon we rang up the changes and the lack of continuity showed early as Adrada got River on the board early finishing at the far post.
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We didn’t have many good passages of play until late in this one but towards the end of the match two youngsters I have high hopes for this season combined to equalize. IZZY went on a run down the right and his cross to the back post was met by Dom Solanke. Solanke was plagued by injuries last season limiting his development but he spent a great deal of time under the tutelage of Drogba and Remy so we have high hopes for him.
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With time winding down having played in excess of the appointed injury time I fully expected the referee to blow for full time as we launched a late attack. He left us play on though and we took full advantage when IZZY raced onto a through ball and finished high to the River ‘keeper’s left – good goal.
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Another pleasing result against a quality outfit. Performance overall was slightly more disappointing today but given it come on only 2 days rest I think we can overlook it somewhat.
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6 August 2015



Aint nothing gonna break my stride…



Next up was the 2 legged Europa League 3rd round qualifying tie against Motherwell. The first leg was played at home at the end of July and Dutch international Marco Van Ginkel showed he will be an important player for us this season with 2 goals. His first game when he hit a nice drive from just inside the area after 42 minutes.
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He second came in similar circumstances however for this one he controlled a Christian Cuevas cross from the left before firing home just before the break.
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Half time did nothing to halt our onslaught and we had a third just after the break when Betrand Traore threaded one in in-between the Motherwell ‘keeper’s legs after a nice jinking run.
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At 3 nil up and cruising we then had a moment to forget – allowing Camunas to break through and feed one in under Matej Delac. Very disappointing to concede a sloppy away goal like that but that is how the game finished.
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6 days later we travelled to Scotland for the return leg. This game was a far cagier affair as we fought to hold our lead. We ended up having more of the possession and chances but it wasn’t until the 75h minute that Boga sealed our passage into the next round with a fine finish – curling one into the top corner.
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www.begbies-traynorgroup.com




…………………………………………..

Chelsea FC PLC – In

Administration


Joint Administrators’ second progress report for the period 1 February 2015 to 1 August 2015
























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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 August 2015

6

​
Appendix B: Administrators’ remuneration

7





























Joint Administrators’ second progress report for the period from 1 February 2015 to 1 August 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 second formal update to unsecured creditors and it provides details of progress made in the 6-month period 1 February 2015 to 1 August 2015. The statutory receipts and payments accounts for the same period are attached at Appendix A.


Wherever possible, the Administrators have sought not to duplicate information disclosed to creditors in previous updates and reports. A copy of previous reports and other important announcements can be found at www.begbies-traynorgroup.com/CFC/updates


The Administrators will host a one-hour webinar on 10 August 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 on www.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.

There has been no change in the Committee’s constitution in the period.


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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SVMason
Joint Administrator Chelsea FC PLC In Administration


Chelsea FC PLC – In Administration
2
…………………………………………..
Section 2:
Executive Summary


Introduction
The momentum created in the administration and outlined in our last progress report has continued apace over the past 6 months. Continued on field success coupled with further player sales has resulted in an increased likelihood in a positive outcome for creditors. This has continued in the current transfer window where another significant asset sell off occurred and further value realised.


The administrators’ will now move away from the current strategy of selling as much of the playing roster as possible. With only £147M remaining in outstanding liabilities and estimated future cashflow expected to cover a large part of those liabilities.


Significant achievements in the period

The most significant achievements over the past 6 months are summarised below:
  • The Chelsea first team finished the 2014/15 season in 7th​ position despite starting the season with a 10 point deduction. Amassing a points total of 59 – for perspective, if there had been no points deduction, it would have been 69 and enough for 5th​ spot on the table, 2 points behind Manchester City.
  • Recent sales in the current transfer window equated to £101.81M in immediate revenue, this may yet be augmented with future sales. A number of the sales will result in trail income to assist with loan repayments. This is in addition to the £217.25M raised in the transfers through player sales in the previous season.
  • Further reduction in the wage bill meaning the club is spending approximately £8M per month less than at this time in 2014 meaning the club is making approximately £13M in profit each month before loan repayments.
  • Reduction in the total loan liabilities from £353M to £147M 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:
  • Continue to assign all resources to the Chelsea first team. The Administrators’ plan to refocus on keeping players now – only selling if offer is substantially above market value.
  • Continue to meet payment of outstanding loans as required.
  • Augment the current squad with free transfers and loan signings as playing roster now stripped as far of assets as is required and must be held together now to retain value in asset to increase attractiveness to potential purchasers.
Joint Administrators’ second progress report for the period from 1 February 2015 to 1 August 2015
3​
Human Resources
As at 1 August 2015, the CFC PLC staff and contractor headcount was 19 (11 at 1 February 2015 and 36 at 1 June 2014), the increase reflects a renewed focus on developing the youth products coming through the system.


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








































ChelseaFC PLC – In Administration
4
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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 2015/2016 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 onthe next page and the narrative and assumptions set out elsewhere in this report.




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Notes to Indicative Financial Outcome
1. Cash at Hand
Despite the negative position it should be noted that this reflects an increase over the cash at hand position 6 months ago - a very good result given the loan liabilities paid off in the period.

2. Premier League Prize Money
This has been estimated using last season's finish position (7th) with a +/- of 4 positions to allow for variance and 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 11th​(low) to 3rd (high).


3. Player Sales
Receipts from player sales is expected to tail off after the previous 2 transfer windows and the current window. Should any offer be received for any player though that is excessively large in comparison to their market value it will be considered.


4. Secured Creditors
Loan repayments will continue to Mr Abramovich. The current rate is£29.41M per month and will continue until the 30 Jan 2016 when the loan will be repaid in full.


5. End of season position
It should be noted this represents the end of season cashflow position and doesn’t take into account future loan liabilities.
Joint Administrators’ second progress report for the period from 1 February 2015 to 1 August 2015
5​
…………………………………………..
Appendix A:
Receipts and payments:
6months to 1 February 2015




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Player sales have been made as outlined in the below table.

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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 in the Administrators’ earlier reports.


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 Q1 and Q2 2015 data packs which have been provided to the Committee and its Adviser.




Analysis of time costs
In the 6 months to 1 August 2015, time costs of £1,006,254 have accrued, totalling 2438 hours at an average hourly rate of £412.74.


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 February 2015 to 1 August 2015.


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© 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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Great detail and some of those transfers out are great business
 
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