Nathan Padley

@Trish_NornIron @SidJamesPipe

Favourite ever 😎

@bobbyfairview @SidJamesPipe

📣 Here are a few of my own thoughts from the Paul Quinn piece: • What makes Quinn’s piece valuable is what he found beyond the UK accounts. Because Ares distributes this loan across funds sold to American investors, they are required to disclose how the deal is structured. • Quinn has gone deep into Ares’ own SEC filings, and what he found confirms everything we have been saying. The Ares loan sits at the top at 22 Holdco. The bank debt sits one layer below at Blueco 22. The football club, the stadium, Strasbourg, all sit below that. • Quinn estimates the total owed to Ares will reach between £850m and £1bn by 2033. That figure is wrong. The accounts show the Ares balance had already reached £596m by June 2025. Running that forward at the current rate to August 2033 puts the real figure at approximately £1.5bn. That is what Boehly and Clearlake will need to find, and there is no obvious source for it. • What Quinn is uncovering is that Ares builds in an ownership option for themselves from the start. If certain things go wrong, Ares can stop asking for their money back in cash and instead take ownership shares in the company for themselves. Quinn found the specific language in Ares’ own documents confirming this is standard practice, and the economic logic of what Ares is doing at Chelsea makes it near certain the same option exists here. • These embedded options are derivatives. They sit dormant right now and Ares has no public role at Chelsea. But the moment certain financial conditions are breached, those rights become active. Ares converts the debt they are owed into ownership shares for themselves, and Boehly and Clearlake lose control not because someone bought them out but because the structure they agreed to plays out exactly as designed. • Quinn also found that this loan is not held by a single fund. Ares has distributed it across multiple vehicles in the United States, including funds accessible to retail investors. There is a whole network of financial interests behind this loan, all expecting Ares to maximise their return, including through those conversion rights if it comes to that. • If Ares exercises that option, Boehly and Clearlake’s stakes get diluted to the point of being worthless. Ares converts the debt they are owed, approaching £1.5bn by that point, into ownership shares for themselves. The existing owners end up with a fraction of a company they no longer control. • This is not administration for Chelsea Football Club. It is a change of ownership at the holding company above the club. You are watching the equivalent right now with John Textor. His holding company went into administration, the clubs kept playing, and the assets are being sold to new owners. That is the most likely version of what this looks like at Chelsea. The people who created this mess are gone. • None of this has to wait until 2033. The bank debt at Blueco 22, standing at £794m, must be repaid or refinanced by July 2027. If the banks cannot be satisfied, the stress on the entire structure could give Ares the trigger to act years ahead of schedule. 2027 is the date that should be on everyone’s radar, not 2033.

@JohnHay14183223 @SidJamesPipe

Good on then...one last time volume up 😂⚒️

@KieranMaguire @SidJamesPipe

In 2024 Chelsea received a €5m add on bonus from Real Madrid as a result of Real reaching the Champions League final for the sale of Eden Hazard. Hazard had retired from football in 2023 and Chelsea earned €150m from the deal overall. According to the Premier League negotiated settlement with the club Chelsea received no on field advantage from signing Hazard from Lille for €35m in 2012 and therefore a £10m fine was appropriate rather than a points deduction.

@KieranMaguire @SidJamesPipe

I wonder if the unnamed person who approved the illicit payments to agents and others at Chelsea is connected to the unnamed person who approved a £35m payment to an unnamed Chelsea director after the sale to BlueCo took place. The 28 page PL decision document, which reviewed 200,000 pieces of evidence, does not name those who signed off on dodgy deals, why the silence?

@StuartSherry @SidJamesPipe

There’s a 50 year old Chelsea fan on Sky at the moment who’s actually crying! 🤷🏻‍♂️

@notpotmongs @SidJamesPipe

Fuck it im starting a funny Video thread Post your favourite videos lets share some positive vibes Ill start some of your weekends off with my favourite ✌🏻

@DeanoGorton @SidJamesPipe

Good morning all 🌞

@MikeyOver1 @SidJamesPipe

I have never seen a better executed order for the table in my life Down to the details: - napkin tuck for order - upping portion sizes in a blink - the Bao Bun execution - asking the server for recs - politeness and complete control of the room Wow.

@Lea_EFC @SidJamesPipe

🗣️”Mum, how was Dad after last nights 2-2 draw?” Dad:

@gervaisclips @rickygervais @SidJamesPipe

How many takes @rickygervais?

@AlbyLad_ @SidJamesPipe

😂😂😂😂😂😂

@GriftReport @SidJamesPipe

I bet he got some stick for that

@themagic_tophat @SidJamesPipe

If you assume Chelsea are actually trying to be a commercial entity with a focus on player trading… then their only investments being sold for ~€35m profit in Madueke, Veiga and Petrovic is very worrying, especially when you consider they have crystallised bigger investment losses in Nkunku, Felix and Dewsbury-Hall. Almost all the profit they have generated through player trading to date has been from raiding Cobham. Given they’d take a bath on Fofana, Mudryk, Sterling, Lavia, Neto or Gittens… they either continue to sell Cobham grads (Acheampong to us next hopefully) or they sell acquired players that Chelsea fans probably don’t want to be sold (like Enzo). Otherwise, they’re generating zero profit in a space they’re supposed to be dominating.

@dog_head @SidJamesPipe

@DeanoGorton @SidJamesPipe

Gold 🥇😂😂😂😂

@DeanoGorton @SidJamesPipe don't judge the judge

😳🎤Good morning all

@FtblNostalgic @SidJamesPipe

This Barcelona rondo under Pep Guardiola. Different breed. 🤯😮‍💨

🚨 𝗡𝗘𝗪: There are Premier League clubs willing to pay the €30m release clause for Levante forward Etta Eyong, as per Mundo Deportivo. Villarreal would be entitled to 5.4 million euros for the 10% capital gain on the sale price, although half would go to Cadiz (2.7 million euros) as they share the economic rights.

@nugs777 @SidJamesPipe

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