Chelsea pay UEFA settlement after incomplete financial report in Abramovich era

28 July 2023 , 17:24

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Chelsea have been hit with a UEFA fine for FFP breaches (Image: Getty Images)

Chelsea have been hit with a €10million (£8.5m) UEFA settlement for Financial Fair Play breaches.

The breaches arise from former owner Roman Abramovich 's time in West London, with incomplete financial information having been submitted to the game's European governing body. The club's new owners including Todd Boehly initially noticed the breaches and quickly informed UEFA, who have since been investigating.

A statement on Friday evening read: "With respect to Chelsea FC (ENG), the CFCB First Chamber concluded that the club breached the UEFA Club Licensing and Financial Fair Play regulations as a result of submitting incomplete financial information.

"Following the club’s sale in May 2022, the new ownership identified, and proactively reported to UEFA, instances of potentially incomplete financial reporting under the club’s previous ownership. The reported matters related to historical transactions which took place between 2012 and 2019.

"Following its assessment, including the applicable statute of limitations, the CFCB First Chamber entered into a settlement agreement with the club which has agreed to pay a financial contribution of €10 million to fully resolve the reported matters."

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The fine is set to be another financial blow to Chelsea since Boehly's arrival at Stamford Bridge. The Blues are set to miss out on a whole host of payments after failing to qualify for any form of European football last term.

UEFA have reached a settlement with Chelsea for FFP breaches under Roman Abramovich (Getty Images)

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Chelsea eventually finished 12th in the Premier League with just 11 wins from 38 games. They also made a number of managerial changes as the likes of Thomas Tuchel, Graham Potter and Frank Lampard all had stints in the dugout.

New boss Mauricio Pochettino has seen the squad at his disposal cut down to size. A number of sales of established first team stars including Kai Havertz, Mason Mount and Mateo Kovacic have all been pushed through throughout the duration of the summer transfer window.

Chelsea have since responded to the charge. A statement released on Friday evening read: "Chelsea FC’s ownership group completed its purchase of the club on 30 May 2022.

"During a thorough due diligence process prior to completion of the purchase, the ownership group became aware of potentially incomplete financial reporting concerning historical transactions during the club’s previous ownership. Immediately following the completion of the purchase, Chelsea self-reported these matters to UEFA.

"Chelsea has fully cooperated and assisted UEFA with its investigation of these matters and, following an analysis by the UEFA Club Financial Control Body, the club has entered into a settlement agreement with UEFA. Under that settlement the club is to pay a financial contribution of €10 million to UEFA as a fixed payment.

"In accordance with the club’s ownership group’s core principles of full compliance and transparency with its regulators, we are grateful that this case has been concluded by proactive disclosure of information to UEFA and a settlement that fully resolves the reported matters.

"We wish to place on record our gratitude to UEFA for its consideration of this matter. Chelsea greatly values its relationship with UEFA and looks forward to building on that relationship in the years to come."

Daniel Orme