Chelsea FC Raises £500 Million of Financing From US Investor Ares

Chelsea FC has raised £500 million ($612 million) of subordinated debt from US direct lending giant Ares Management Corp., according to people with knowledge of the situation.

The deal is structured as a so-called HoldCo payment-in-kind note, a type of financing that allows the borrower to pay interest with additional principal, and sits below other forms of debt in repayment priority. The financing will be at the holding company level, rather than the club itself.