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LONDON. — English Premiership football club Chelsea have been handed a £110 million cash lifeline — to ensure they can finish the season.
The British Government’s decision to ease their financial stranglehold on the Blues came as sanction-hit Russian owner Roman Abramovich was banned by the English Premier League.
World and European club champions Chelsea were in danger of plunging into administration after the Government’s stringent licence limited funds to meet their £28m monthly wage bill and all other outgoings.
But MPs on Saturday revealed that two days of negotiations with club chiefs had resulted in a revised licence which will now allow the Blues to access previously frozen television and prize money.
Chelsea are permitted to use all the potential £35m in TV income from the English Premier League and Uefa until the end of the season plus all prize money they are due from domestic and European competitions.
They are set to pocket £39m from the English Premier League if they stay in third place — and up to £36m if they retain their Champions League crown.
That adds up to a potential £110m, effectively confirming they will not slide into the red and risk defaulting on payments that could see administration and a nine-point deduction. — The Sun
Online Reporter