Debt free ????

Pro, true

Chelsea's finances are in good shape, they just posted highest profit during Abramovich's reign and are set to pass the FFP test.

And yes, their owner has handed over millions of pounds to the club and Abramovich has converted debt into equity.

This is mere confirmation of the raping of the club by gfh. They took Bates' level of plunder to new levels of filth. How nice of Bates to put us in the care of gfh, a lasting legacy of utter and total shame, yet Bates has no shame whatsoever.

That all UK govt agencies, never mind the FL, turned a blind eye to the gfbates raping and scams, yet now the gfbates FL chief exec Harvey sits in judgement, is the cherry on top.

lufc4ever

So the only way you'd consider GFH as 'not raping the club' is they just went, "Here, here's £5m, we don't want it back, it's all for you."

And Cellino not making a £5m payment to GFH and them loaning us £5m is just the same thing, since Cellino is still putting in £20m to the club.

Paying a portion of your fraudulent gains back after the event, is just the same as the banksters paying a tiny %age of "fine" out of their ongoing billions of fraudulent profits. Whether gfh keep their word over this 5m is another matter, we'll see what happens around Dec 14...

LIW,

Completely agree about the whole GFH thing. Seemed good at first, but then just realise that Cellino has got himself a cheaper deal to buy Leeds rather than them actually putting money into the club.

But he's still making a new investment of £15million of equity capital though...I don't know nothing about economics, but equity capital means that its not paid back.

Best, I'll belive it when I see it in the accounts, Cellino is hardly reliable when it comes to the veracity of his statements.

I know he is charging interest on other ones, but this was reported on the OC as equity capital. Agree though, he's not reliable.

I'll take this as the OC has stated. They have tried to be clever about GFH 'investing £5million'. Not that it'll matter when we're under a transfer ban in January.

Best, things just do not add up.

If Cellino is struly expecting a transfer embargo in Jan, then what is 20 mill for?

Apparently the only stumbling block for buying back ER was Cellino's relationship with GFH. If that is now fixed then why has ER not been bought back?

Why was 20 mill needed when we have the unused money from Mccormack and the left over money from the not fully used 15 mill transfer budget.

GFH aren't going to let Cellino off 5 mill payment for free AND relax terms of SPA. They had him by short and curlies before, if Cellino has to get pally with shysters such as GFH to make things work, then we don not have a smooth path ahead at all.

Finally, revenues appear to have dropped from around 30 mill to now around 23 mill which is really really worrying, unless that is fixed quickly we're in big trouble.

I read talk about whether GFH hold up their side of him not paying them £5m. Do we really think it's not in writing?