CTG 🇯🇲

Philippians 4:13 💪🏾🙏🏾

[Daily Naruto @NarutoDaily_]

This is peak levels of homage 😭🔥

[lari @byarkuya]

bankai senkei senbonzakura kageyoshi

[🥔 @BohemianMassive]

"Get your money up" says the man begging you for money

[DiscussingFilm @DiscussingFilm]

Peter Cullen has sadly passed away at the age of 85.

He is the iconic voice of many characters, including Optimus Prime.

[VIZ Media @VIZMedia]

The strongest Getsugatensho yet 🔥

Anime: BLEACH: Thousand-Year Blood War - The Calamity

[sta-ck0 @abdoolmaleeeek]

JP Morgan imo

[dosa³ @tridoza]

nah Nico Touches the Walls was god tier

[SLO @SLOplays]

Underrated af OP

[Chelsea FC @ChelseaFC]

Thank you, Trev. 💙

[Dat @DatDaDatty]

THEY PLAYED NARUTO BLUE BIRD AT TINY DESK

[Bobby F. 🍁 @bobbyfairview]

📣 In my review of The Athletic’s piece I flagged a paragraph that has been largely ignored since publication. I have attached the screenshot so you can read it for yourself.

The Athletic confirmed that Clearlake Opportunities Partners III (“COP III”), the Clearlake fund that led the Chelsea investment, is a private credit rather than equity fund, and that according to documents filed by the Pennsylvania Public School Employees’ Retirement System (“PSERS”), which has invested in COP III, it aims to provide returns by investing in non-control special situations investments. The Athletic also noted that COP III raised £2.2bn in total, which means there’s only £400m left to cover future losses.

Private equity vs private credit

A private equity fund buys ownership stakes. Investors share in any upside and only get paid if there is a profit. A private credit fund lends money at a contractual rate of return with a fixed repayment date. Its investors are creditors. Interest accrues whether the borrower is profitable or not, because it is a legal obligation, not a discretionary distribution.

The structure implied by COP III being private credit

There is already a private credit loan inside this structure. Ares Management lent money to 22 Holdco on a payment-in-kind basis, meaning interest compounds onto the loan balance each year rather than being paid in cash. Ares Sports, Media and Entertainment Finance, the fund that provided this loan, is a mezzanine fund, which is private credit. COP III is the same type of fund, and the implication is that Blues Investment Midco, the vehicle holding Clearlake’s 61.85% stake in 22 Holdco, is itself funded by a borrowing with the same economics.

If that capital is earning the same minimum rate as the Ares loan, the estimated balance owed to COP III investors at June 2025 is approximately £2.4bn, with approximately £600m of accrued interest appearing in no UK filed account because Blues Investment Midco is a Cayman entity with no UK filing obligation.

Adding the £794m Bank of America and JPM/BofA facility and the £609m Ares PIK balance already confirmed in the accounts, the true debt in this structure is approximately £3.1bn against £1.1bn of verified long-term equity from the Boehly group, a debt to equity ratio of roughly 3:1.

Who is actually in control?

The PSERS mandate said non-control. Yet Eghbali has been running Chelsea day-to-day since January 2023, after Boehly stepped back as interim sporting director. The Athletic confirmed in September 2024 that Clearlake is in primary control at Stamford Bridge. Chelsea lost £653m in its first fourteen months under this ownership. If the borrowing behind Blues Investment Midco carries covenants, as any loan would, that scale of loss is precisely the kind of event that triggers a breach and gives a lender the right to assume operational control. The most coherent explanation of what happened in January 2023 is that Clearlake effectively foreclosed on Boehly.

This is more debt than we thought!

The only verified long-term equity in this structure is the Boehly group’s £1.1bn. Everything above it in the Clearlake layer has the characteristics of a loan, not ownership. For a business with stable cash flows, 3:1 debt to equity is manageable. For a football club losing £500m+ per year in cash, with no path to profitability visible in the accounts, and where the £1.1bn equity cushion is being eroded by losses every year, it is arguably unsustainable. The equity base is shrinking while the debt is growing through PIK compounding.

[dre @v2TokyoGhost]

LMFAOOOOOO new generational gif just dropped holy fuck this is definitely going triple platinum

[Del @TheCartelDel]

We may never know who introduced Takuya Nakamura to UK Jungle music, after moving from Tokyo to Boston to study Jazz theory - but I, for one, am very grateful.

[Marques Houston @marqueshouston]

Ya’ll Ready? #YouGotServed2

[Dunc @duncsagain]

😭😭😭😭😭😭😭😭😭😭😭😭😭😭

[Kyler Murray @K1]

To everyone that supported me and showed kindness to my family and I during my time in AZ, from the bottom of my heart, thank you.

I wanted nothing more than to be the one to end the 77 year drought for this organization, I am sorry I failed us. I wish this community and my brothers nothing but the best.

I am no stranger to adversity, I am prepared for whatever’s next. I trust in God and my work ethic. I truly believe my best ball is in front of me and I look forward to proving it.

Godspeed.
🥋

[Wrestle Ops @WrestleOps]

GUNTHER has defeated AJ Styles.

Styles’ career is…over.

#RoyalRumble

[WWE @WWE]

THANK YOU, AJ!!! 👏

@AJStylesOrg

[Lou Ratchett @LouRatchett]

When ya bro take a L