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According to SSN the deal has fallen through "West Ham's move for Bayern Munich right-back Noussair Mazraoui has broken down. An agreement had been reached between the clubs but it's thought financials and details around the contract couldn't be agreed upon."
Its not just Chelsea having a buy back clause, they get a percentage of his fee if he joins another club and that percentage is on a sliding scale. They more he goes for the greater a cut they get.
"there will now be questions about our own owner Gao and his ability to fund the club." I thought we had already established that Gao has no ability to fund the club. This aspect does not change for us.
The Telegraph reported a couple of days ago that Spurs have no budget for transfers this summer, so PEH is not going there unless they are offering a swap. KWP would not be a reasonable swap IMO.