Nick

[Nick @NickisChels]

@MaxFSport Thank you! Some of them are still stealing a living!

[Nick @NickisChels]

@youneshhamou_ Is there anything with the directors? I know you mentioned briefly on a live that we will hear about changes at the directors level a few days ago?

[Nick @NickisChels]

@MaxFSport Is it true the directors aren't as involved anymore and they're being moved aside by Eghbali?

[Nick @NickisChels]

@ares_management You guys are going to lose all of your money if you don't take Chelsea off Clearlake Capital. At this rate Chelsea will be relegated to the championship next year, which means your money is gone! Act fast!!

[George Benson @MrGeorgeBenson]

They’ve all given up. Therefore I give up on the players too. It’s disgusting. Blue Co Out! Maybe better they just keep throwing the towel in! @ares_management Where are you?

[Steve G ⭐️⭐️ 🇩🇪 🏴󠁧󠁢󠁥󠁮󠁧󠁿 @SW6Steve]

ARES MANAGEMENT are CHELSEA FC only hope, BLUECO have destroyed this club on every level and cant even change the model if they wanted there is NO MONEY left, foreclose on their loan and take control of the club now !

[Nick @NickisChels]

Can you imagine Petr Cech sitting in a box at Stamford Bridge with a Spurs manager a week before we play them, discussing tactics? Embarrassing!

[Sky Sports Premier League @SkySportsPL]

Roberto De Zerbi looking on at Stamford Bridge 👀

[Bobby F. 🍁 @bobbyfairview]

📣I’ve done work with @CFCSid1905 to refine his dashboard to align with the 22 Holdco audited accounts.

Chelsea supporters around the globe are coming together to expose the facts about this Blueco operation.

This recklessness is unacceptable. Let’s keep pushing.

#BluecoOUT

[Bobby F. 🍁 @bobbyfairview]

Dear @ebehdad

RE: The Conflict of Perverse Incentives

I want to be fair to you. You had less than a month to structure a complex billion pound transaction, so some mistakes were always going to happen. But the mistake I’m describing isn’t an execution error. It’s a conceptual flaw baked into the deal from day one, and it has permanently poisoned your strategic position.

You built a structure with three stakeholder groups, and you only have a fiduciary duty to one of them. That was always going to end badly. Let me explain why.

A man came to you and said he had £300m and wanted to buy a business for £4.2bn. Two of his mates would chip in £300m each. You lent him the rest. To their credit, they’ve been matching cash calls ever since. But here is what you actually agreed to: you needed Boehly’s money, which meant Boehly got something in return. What he got was influence over the sporting operation. And the first thing he did with it was sack Thomas Tuchel so he could have his dressing room access.

That decision, made to protect your financial relationship with a co-investor who couldn’t actually afford the asset, is what set everything else in motion.

Roman left you a blueprint. He won trophies, built a global brand, and maintained a fair value that always exceeded his cost basis. Central to that was Cobham. Fans across England sing “he’s one of our own” for a reason. That bond between a club and its homegrown players is not sentiment. It is enterprise value. You dismantled it. You sold the graduates and killed the pipeline, not because it made sporting sense, but because your financial model required short term asset monetisation over long term brand construction.

You have now spent more on transfers than any ownership group in the history of football. Chelsea are currently 9th. Below Brentford. Below Brighton. That is the sporting output of your model, and those fans who sang “he’s one of our own” have noticed.

Here is where your conceptual flaw becomes permanent. Boehly has £100m of interest accrued and payable to Ares. You have at least £600m sitting in the Cayman Islands, accruing and payable to COP III. Across the group the interest bill is approaching £400m this year. That means you have no choice but to run this club for one purpose: to make debt service payments. Managing a football club to pay interest has never worked in the history of this game unless you’re Manchester United. Your problem is that you don’t have their revenues. So you are flipping players to fund cash flow.

There will be no properly experienced signings. No manager with real authority. No trophies. You’re caught in a sell-to-buy death spiral and fans have worked out exactly what is happening.

If you’ve made it this far in my letter, this is the part I’d encourage you to sit up and focus on. You need the fans more than they need you. Every day more of them are learning what this structure actually means for the club they love, and they are making a rational decision: do not buy the brand of an owner who is just here to pay interest.

Your perverse incentive is to balance the books, manage the asset, and extract the best possible valuation before the debt matures. Their perverse incentive is to make sure you never get there, because the only exit that actually serves their interests is Ares foreclosing and forcing a sale to someone who can run this club properly.

Think about what that means. The fans who generate the revenue you need to service your debt are now rationally incentivised to undermine that revenue.

You created a structure where your key stakeholder group is rooting for your creditor to take the club from you. That is not a communication problem or a PR problem. It is a structural conflict with no resolution inside your current ownership model.

I’m not sure what the long term prognosis is for a business in that position. But I think you already know.

Yours truly,

bf

[Nick @NickisChels]

@NizaarKinsella Can one of you guys ask Grok to put a community note on this please? @youneshhamou_ @mineralsfc @MrGeorgeBenson @BalkanEmpire08

[Nick @NickisChels]

@NizaarKinsella @grok Please could you verify and add a Community to to dismantle this lie

[ExpectedChelsea @ExpectedChelsea]

This is perhaps one of the most embarrassing articles written about Chelsea in recent times. Might as well have "#ad" at the end of it.

Chelsea has a bunch of unqualified coaches leading the team due to cronyism - this topic starts and ends there.

[Nick @NickisChels]

@TheBlueDodger @SkyKaveh What really baffles me about this is his sheer ability to lie on national TV. No shame whatsoever.

[Nick @NickisChels]

@LUFC How did that happen?

[Nick @NickisChels]

@CFCPys @kierangill_DM Kinetic academy coaches must be the best in the world. Why else would we have them at Chelsea, isn't that right Joe Shields?

[Pys @CFCPys]

🚨⚠️ Some of Clearlake Capital Group’s largest investors are growing increasingly concerned about how much time the company’s co-founders are spending on sports investments as they’ve struggled to complete the fundraising for the private equity firm’s latest flagship fund. Behdad Eghbali has been spending what some investors described as a disproportionate amount of time on the firm’s investment in Chelsea Football Club in recent months. (@hellierd @business)

[Pys @CFCPys]

Paul Winstanley and Laurence Stewart picking a manager, sorry coach, sorry yes man, is an extremley depressing thought.

Zero faith they land anyone that would get the fanbase on board or even fit our current squad.

[GiftedHands @Sire_Gift]

Throwback to when Tuchel spoke about how happy he was meeting Abramovich for the first time and how hungry he’s to win the next title.

He won 3 titles at Chelsea and was on the journey of winning more titles until BlueCo happened.

[Nick @NickisChels]

@ConnCFC It unfortunately comes from the top. You've got ego manics running the club that think they know better.