Chelsea owners granted approval for purchase of two club-linked hotels by Premier League

Accounts published by Chelsea in April revealed two hotels - named Millennium and Copthorne - located by Stamford Bridge had been sold to BlueCo 22 Properties Ltd.

BlueCo 22 Properties Ltd is under the control of Todd Boehly and Clearlake Capital, the owners of west London outfit Chelsea, and the deal was being assessed by the Premier League for fair market value under its party transaction (APT) rules governing deals involving entities linked to a club's ownership.

However, the Premier League has cleared the sale, but what remains unclear is how much the two hotels generated, PA understands.

On Chelsea's accounts earlier this year, £76.5million was listed for the sale of two hotels to BlueCo 22 Properties Ltd and this took place during the 2022-23 accounting period.

Chelsea's 2022-23 accounts showed a loss of £89.9m even with the £76.5m boost, with clubs forced to not exceed £105m over a three-year assessment period under Premier League profitability and sustainability rules (PSR) or face a points deduction like Everton or Nottingham Forest last season.

While the Premier League approved the sale of Millennium and Copthorne hotels to BlueCo 22 Properties Ltd, the final fee remains uncertain.

The sale of club-owned assets to a related company is allowed under league rules, but must be for fair market value. A move to bring in an outright ban on such sales was narrowly voted down at the league's annual general meeting in June. 

READ MORE: Viv Anderson - Erik ten Hag needs to identify his best Man Utd side