Part of Todd Boehly-Clearlake's strategy at Chelsea was to stretch contracts over eight years. Photo: Getty Images/Alex Pantling
Chelsea have vigorously insisted they plan to continue handing out eight-year contracts, despite Premier League clubs voting to close a loophole that allowed them to spread out transfer fees over more than five years.
Telegraph Sport reported on Tuesday morning that Chelsea's transfer strategy was set to be scrapped at a shareholders' meeting, with 15 clubs voting to follow UEFA's lead and cap amortization at five years.
Understanding the vote will go ahead Chelsea joined the line and was one of the clubs voting to close the loophole, but a bid by rivals to reverse the policy backdated failed.
Clubs can still sign players to five-year contracts, but transfer fees will only be spread over the first five years — the same as UEFA decided in the summer.
This means there is no longer any financial gain in giving players eight-year contracts instead of five, but Chelsea are adamant they will continue to sign «elite» young talent to long-term contracts.
Moises Caicedo was one of the players to sign an eight-year deal after joining Chelsea for a UK record £115 million from Brighton in August. Since Roman Abramovich took over, Boehly and Clearlake have spent more than £1 billion.
The Boehly-Clearlake consortium believed they could comply with the Premier League's profit and sustainability rules (PSR) by extending the period over which the costs are amortized. American private investors led by Behdad Eghbali predict that in this way they will be able to achieve one of the largest spending in the history of the Premier League.
Premier League clubs agree with the European model
But their Premier League rivals have now decided to follow UEFA guidelines and limit internal depreciation to five years. The move was intended to tighten European financial fair play rules, which Chelsea say they are not at risk of violating.
Chelsea sources say the club was planning changes to the Premier League rules accordingly, since UEFA closed the loophole in Europe in the summer.
This partly explains why they were in line with Tuesday's vote, although there is a history of clubs actually voting against themselves at shareholders' meetings to avoid being outdone. Liverpool and Manchester United famously voted to cancel Project Big Picture when it became clear the plan was dead, having been instrumental in its creation.
Even though they voted along with 14 other clubs to close the loophole they have. exploited for the past 18 months, Chelsea insist they will not change course and will continue to sign their best young talent to long-term contracts.
Chelsea have received a boost from an undated decision
Also separately stated that a proposal by some clubs to apply new depreciation rules retroactively to the summer received so little support that it was not put to a vote.
It was like that. This is a boost for Chelsea, who would have had to spread the cost of their record summer transfer payments, totaling more than £400 million, over much shorter periods than originally budgeted.
PSR rules allow losses. £105 million over a three-year monitoring period. Otherwise, clubs are only allowed to spend the money they earn.
The Premier League said in a statement that the clubs had «agreed to amend the player registration cost amortization rule to bring it into line with UEFA rules.» In future, a maximum of five years will apply to all new or renewed player contracts.»
Chelsea's policy of handing out eight-year contracts was ridiculed within rival clubs as most players were on long-term contracts. has yet to make an impact.
Mikhail Mudrik signed an eight-and-a-half-year contract when he joined Chelsea in January but has yet to justify his fee or deal, and the future of Noni Madueke, who signed earlier in the year for seven and a half years, is already in doubt.
Chelsea finished last season in 12th place in the Premier League and occupy the same position this year. term. They have taken just 39 points from 39 league matches in 2023, the worst result of any top-flight club in that year.
Beli has previously expressed surprise that other clubs have not followed suit » Chelsea.» manage contracts before UEFA and the Premier League closed the loophole.
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