Rio Ferdinand Questions Chelsea’s PSR Tactics: “How the Hell?”
Rio Ferdinand Questions Chelsea’s PSR Plan: “How the Hell?”
Former Manchester United defender Rio Ferdinand has questioned Chelsea’s finances under the Premier League’s Profitability and Sustainability Rules (PSR), despite the club’s massive spending since Todd Boehly’s takeover.
Speaking on his Rio Reacts podcast, Ferdinand reacted to a list of the Premier League’s “healthiest” teams in regards to PSR adherence—one that saw Chelsea unexpectedly at the top after reportedly raking in £300 million in asset sales.
Chelsea’s Spending vs. Sustainability
Chelsea have spent over £1.1 billion on transfers over the past three years, a figure that’s made headlines globally. However, they have avoided breaching PSR rules, which limit club losses to £105 million over a rolling three-year period.
“I’ve got a list of the healthiest PSR clubs. Chelsea? How the hell are Chelsea top, please, with £300m?” asked Ferdinand, clearly stunned by the figures.
Explained: The Loophole Chelsea Exploited
Ferdinand was joined by football finance expert Kieran Maguire, who explained the astonishing financial gymnastics:
“In Chelsea’s situation, having this £300m – £200m of that is selling the women’s team to themselves, and another £60-£70m is selling a pair of car parks to themselves as well,” Maguire explained.
These sales were made internally between Chelsea FC Holdings Ltd and BlueCo 22 Properties Ltd, both of which are subsidiaries of the club’s overarching ownership company. This allowed Chelsea to consider these sales as profit, despite the fact that no external cash had in fact changed hands.
Maguire conceded that while within the bounds of Premier League regulations, the move was ethically questionable:
The Premier League had the opportunity to close that loophole last week, and the club owners voted that they rather liked it. It seems a ‘get out of jail free’ card that Chelsea have used, and other clubs will attempt to use now.”
Financial Snapshot: From Losses to Loopholes
Chelsea’s 2023/24 financial records revealed a loss of £89.9 million. Were it not for their in-house asset sales—two hotels that generated £76.5 million—the real loss would have been £166.4 million, which would have had them precariously close to breaching PSR thresholds.
Despite this, Chelsea have been busy balancing the books with player sales, generating reportedly near £500 million from incomings such as Mason Mount, Kai Havertz, and more.
Ferdinand: “Give Credit Where It’s Due”
While shocked at the loophole exploitation, Ferdinand also praised Chelsea’s bold approach:
“You’ve got to give it to Chelsea. Their owners have come in, created a new model. Everyone laughed at them, said they wouldn’t succeed. But they’ve swept up some of the best talents in the world. Their model in terms of selling players—I don’t think it can be beaten at the minute, them and City probably.”
Ferdinand noted that while some clubs are frustrated at these financial maneuvers, the fault rests with the Premier League’s rules, not Chelsea for taking advantage of what is available.
What Next for PSR and the League?
Chelsea’s behavior has opened debate about the integrity of financial fair play within English football. While within the law, the use of internal asset sales to enhance compliance is raising questions about transparency and competitive fairness.
With the loophole still gaping, other Premier League clubs may now consider doing likewise—unless the league chooses to amend its rules.
Rio Ferdinand Questions Chelsea’s PSR Tactics: “How the Hell?”
