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A couple lenders holding 22 Holdco Ltd (Chelsea FC / RC Strasbourg parent) term loan debt have reported 3Q24 financials. Each has reported (i) an ~ 43% QoQ increase (vs 2Q24) and ~ 100% YoY increase (vs 3Q23) in principal held and (ii) no remaining delayed-draw TL availability.
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Excl from myself and @liam_twomey: highly rated defender Josh Acheampong has been told he won't play for any #CFC teams until he signs new deal. Club still hopeful of a resolution. More here: nytimes.com/athletic/58610…
Assuming A shares were issued to Blues Investment Midco LP (Clearlake) and B shares were issued to Blueco 22 Holding LP (Boehly Group), the attached figure identifies the flow of funds and slight ownership change (Clearlake: 61.5% to 61.8%; Minority: 38.5% to 38.2%) per filings.
I'm making the preliminary *assumption* that the new holdco (yellow) is a direct sub of Blueco 22 Midco. However, the placement in the arrangement could be very different. Particularly if (thinking on the cynical side) Blueco wished to reduce transparency around a partial sale.
The holdco directly owning 100% of Chelsea FC Women appears to be incorporated in Cayman Islands.
Chelsea Football Club Women Ltd filed its confirmation statement. Subsequent to the transfer of both o/s shares from Chelsea FC Holdings Ltd to Blueco 22 Midco Ltd on 28 June (indicatively for PSR based on timing), shares were transferred on 20 Aug to Blueco Women Holdings Ltd.
WHAT A GOAL CONOR GALLAGHER!!! LOOK AT SØRLOTH TOO! 😍😍😍 x.com/balltopvbkj/st…
Conor Gallagher revels in swift rise to hero status at Atlético Madrid dlvr.it/TDHl5W
x.com/chicagodmitry/… Doubling club value isn’t a great CAGR
Over the last 30 years, the average inflation adjusted annual return on a broad stock index like S&P 500 is about 7.5%. This means that if you invested £2.5b, in ten years you'll have £5.2b. Do you think Clearlake will do better or worse than this utter beginner strategy?
Statement from the Earls Court Development Company: "There is no plan within our plans for Chelsea FC to relocate to the Earls Court site. We have a fully detailed design, shortly to be registered with both local authorities, which prioritises the delivery of thousands of homes…
Exclusive: Chelsea in talks over leaving Stamford Bridge and building new stadium at Earls Court #cfc theguardian.com/football/artic…
An element to note is that 22 Holdco (where ownership is segmented) indicatively has £1.2bn+ in holdco debt. Based on my interpretation, a fairly modest increase in (aggregate) enterprise value for CFC (and RCS) could still expose Boehly-group to absorption of first losses.
Power struggle looms at Chelsea FC as US co-owners’ relationship sours on.ft.com/4cXdGV3
Chelsea FC's current ownership group oversaw the highest ever single-year spend on agent fees by an English club during their second year at the helm #CFC's agent spend during the ownership's first year in charge was, then, the third-highest amount ever
Bloomberg reported Staveley had raised ~ £500m as of mid-July. A bit low to be a player for CFC and, even if more subsequently raised, I doubt the CFC outlay appeals as much if thinking similar (NUFC was largely a 'clean slate' inv that had appeal via low inherited constraints).
Clearlake holds shares w/ downside protection (and a significant buffer given size of minority co-invest stake), so I can’t see them marking down. Given that and PE’s general tendency (imo) to be optimistic w/ interim valuation assumptions, a FMV/Cost > 1 wouldn’t be surprising.
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