Chelsea owner Todd Boehly has finally admitted he has made mistakes in his first year as Chelsea owner, according to a report on Bloomberg.

The report adds: “Todd Boehly said mistakes had been made in his first year as co-owner of Chelsea FC, as he addressed a room of bankers and associates just days after the club was dumped out of Europe’s elite football competition.

“The US businessman was speaking at a private event at the English football club’s Stamford Bridge stadium in west London on Thursday night, according to people with knowledge of the matter, who asked not to be identified discussing details of the gathering.

“Boehly did not elaborate on the mistakes during the event, which was billed as a chance to hear the American talk about his exciting plans for Chelsea next season, they said.”

Chelsea are 11th in Boehly’s first year in charge of the club and won’t play Champions League football next season. Boehly has already used four managers already this season.