Report: Chelsea have already lost millions after pulling out of ESL

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Chelsea and the other Big Six Premier League sides were founding members of the European Super League, which seems to have lived for only 48 hours.

The highly controversial closed league saw 12 clubs involved in it, as Real Madrid, Barcelona, Atletico Madrid, AC Milan, Inter Milan and Juventus were all part of it.

However, after heavy backlash following the announcement of the breakaway league, the six Premier League sides have been forced to pull away from the ESL, which may have proven to be a very costly decision.

According to the Daily Mail, English clubs could face financial penalties for pulling out as the ESL contract signed last week contained clauses committing them for at least three years.

Lawyers say the contracts will have been structured to encourage clubs to stick with the controversial project in the face of expected protest by imposing large penalties.

The protest and backlash seemed too much for the clubs to handle, which caused them to pull out.

The Premier League’s Big Six could also be forced to pay compensation to the six other European Founding Clubs for breaking a clause in the ESL’s 3-year contract which stated they could not leave for its first three years.

The 12 Founding Clubs who announced the venture on Sunday evening purchased equity stakes of around £8million each in the Super League, and now the Big Six clubs have already lost tens of millions between themselves, when they were in a bid to get more money to sustain the club.

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