Three recent news stories have highlighted why it would be utter and complete lunacy for anyone who owns a CPO share to consider selling that share to Chelsea Football Club.
First, last month, the club announced an annual loss of £70.9 million. That £70.9 million is the depth of shit Chelsea Football Club would currently be in for a single year’s trading were Roman Abramovich suddenly removed from the equation.
Second, earlier today, Glasgow Rangers went into administration for an estimated tax bill of £75 million. For those not watching closely, Rangers are a club who had a wealthy owner who bank rolled them and then moved on. The salaries and other running costs did not move on with him.
Third, a little over a week ago, Nottingham Forest owner Nigel Doughty died suddenly and unexpectedly aged 54. Doughty has been bankrolling Forest to in the region of £10 million a year. That £10 million per annum deficit has not died with him.
For the hard of thinking, let me explain why these three pieces of news are relevant to the CPO issue…
Should Roman Abramovich suddenly be removed from Chelsea FC in the same way as Nigel Doughty from Forest the club’s running costs would not be removed with him. In short, on current ‘form’ a £70 million black hole would appear in the club’s balance sheet. In less than 13 months that would become the same figure Rangers problem is estimated at but whereas their debt was built up over a number of years Chelsea’s deficit is an annual figure!
I am sure I am not alone in seeing the potential not only for trouble but for the demise of Chelsea FC.
Preventing such a demise was the very reason CPO was started. The above is why it still has a vital role in Chelsea’s future.
Remember, during the ‘debate’ over the club’s desire to purchase CPO shares before Christmas, not one club representative was able to offer evidence of any continuity planning from the current apology for a Board. Note, that is ANY continuity planning – standard (good) business practice – not just continuity planning should Roman no longer be involved.
Think about £70.9 million loss in a year. Think about a big club going into administration for want of £75 million. Think about Nigel Doughty.
Now, think about those CPO shares. Who do you think should control them? The fans who care that our club has a future or a Board incapable of planning beyond next week?
We are uniquely positioned as Chelsea fans in that we own our club’s ground. Other fans are jealous of that in that it makes us the club with the most secure future in the country. Why would anyone trade that for £100? It would be lunacy!