Chelsea chief exec tells other clubs to get their houses in order
In what may be a vague attempt at entering into some Fergie-style PR mind games, Peter Kenyon today told clubs such as Tottenham, Newcastle, Everton and Aston Villa to get their act together:
“It should be more about them getting their houses in order rather than us coming down to their level.”
According to the most recent financial data available (from the 2006/07 season), Cheslea had a debt of £738m, their operating expenses had increased by £35m on the previous year, and they were only being stabilised by an interest-free loan of £538m from a kindly Russian gentleman. At their current rate of inflating wages, it would be ambitious for the club to break even in the next five years.
Of course, Roman Abramovich is no fool, and being able to support such a huge debt is testament to Chelsea’s long-term financial strength, but it seems a little rich for Kenyon to tell other clubs to get their houses in order when theirs relies solely on a man who would think nothing of writing off a £700m loss…
11 responses so far
1 Tony Bolton // Jul 29, 2008 at 8:53 am
Absolutely spot on. It’s best to ignore the man, who is a stupid tosser and will be found out by his oligarch boss before too long when he realises the major role played by Kenyon in making Chelsea the most despised club in the history of football. Did he not not once claim to be a Man Utd man for life? Ah well, the only thing that matters at Chelsea is money. All brass and no class.
2 S // Jul 29, 2008 at 9:02 am
Awwww all bitter and twisted oppo.
Fantastic nonetheless, well said Peter.
3 villarich // Jul 29, 2008 at 9:09 am
Typical Peter Kenyon, what a total tosser he is. Those comments are just typical of someone living on planet ‘Chelski’…Lets see how good Kenyon really is when Roman gets bored in a few years time and clears off to pastures new…’TAXI’ for Kenyon….Up the Villa!
4 Nick L // Jul 29, 2008 at 9:18 am
Genius… what a fucking wanker, Chelsea are financially ruined, would love it if Roman walked out and the loan was to be re-paid, would be a nice couple of decades of no transfer funds hahahaha, atleast clubs like Man Utd have won things while being financially secure (early 90’s etc.) - this bloke is a walking contradiction
5 chelski4ever // Jul 29, 2008 at 9:19 am
Even as a Chelsea supporter I am amazed by Kenyon’s breathtaking myopia. A total clown.
6 bluto // Jul 29, 2008 at 9:27 am
You should learn a bit about business accounting practice before you go around around claiming that Chelsea are unstable because they have a huge debt. They have a debt to the man who owns the club who gave it an “interest free loan” only in the interest of tax avoidance. The club also has a half billion pound bond in place to use in the event of an unusual financial reverse and growing operating income.
If you want to see an example of debt, there is a large, well-known football club in Stretford which needs to find £81 million per year to make interest payments. That too is a well-run business in no foreseeable threat of demise.
Likewise Liverpool and Arsenal (which has a stadium to cover its debt) both of which have borrowed 9 figure sums.
Working with borrowed money is pretty much what most growing businesses do. Live with it and stop moralising about something of which you obviously have only the faintest grasp.
7 Bluesbrother // Jul 29, 2008 at 9:39 am
Wooo bluto lets get one thing in order, I think we all know how a football club is run and how the business world works. But to tell us to get our houses in order when the only reason you’re doing so well is because of that massive, and I mean massive, gift of a loan you got via your owner. I personally dont mind its part of the modern game, but it makes you look like a bunch of idiots over at stamford bridge when you try and justify these comments. Liverpool and aresnal borrow on future success in the short term, you just got a load of money, how can anyone else compete when the champions league money you all get is worth more in the group stages than winning the uefa cup?
8 bluto // Jul 29, 2008 at 10:04 am
@bluesbrother. What Kenyon was addressing and the way this article was framed are two different things. Kenyon was attacking Blatter’s attempt to limit the success of the top 4 English teams by changing the rules (6+5). Kenyon aimed his comments at those clubs supporting a change of the rules.
Incidentally, Chelsea’s business model is also based on procuring long term success. The source of the money is an individual rather than a bank and he will expect to get his money back in the long term.
9 Rebel // Jul 29, 2008 at 10:24 am
Yes, borrowing is a fact of life.
However, thinking you are somehow better than everyone because you have a rich benefactor is pathetic.
Abramovic’s money can be taken away at will - on a much smaller scale, look at Gretna.
Their owner died and the family took out the funds - the club went bust.
10 tommy t // Jul 29, 2008 at 11:05 am
The way the chelsea, liverpool and man utd continually break transfer rules and irritate the rest of the premiershipi i dont think other clubs would want to join such a hated little community.
11 oliveoil // Jul 29, 2008 at 11:51 am
Bluto, you’ve been at the spinach again. You and Kenyon typify Chelsea…not a football club just a business with a brand. It’s the same approach that has ruined all types of industry in the UK when the so-called business “experts” get their teeth into companies and eventually they get so embroiled in finance and marketing they forget to produce anything. I see you have acquired an even bigger loudmouth than Mourinho to tell the world how good you are going to be next season, presumably based upon the premise that you have bought every available player of any talent (well except for the really big clubs like Real Madrid and ManU). I’m looking forward to the blame games at your business this season.