Chelsea respond to £8.6m UEFA settlement for Abramovich-era FFP breach

Chelsea respond to £8.6m UEFA settlement for Abramovich-era FFP breach

Chelsea aims to strengthen their relationship with UEFA by reaching a £8.6 million settlement regarding incomplete financial reporting related to past transactions.

The issue came to light during their due diligence process, after Todd Boehly and Clearlake Capital acquired the club in May 2022.

Upon discovering the problems, Chelsea promptly informed UEFA, leading to the agreed settlement amount, which is a fixed payment.

The breaches in question occurred between 2012 and 2019, and the UEFA Club Financial Control Body determined that they resulted from the club’s failure to provide complete financial information, leading to violations of the UEFA Club licensing and Financial Fair Play regulations.

Below is the full statement from Chelsea: “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.”

Chelsea respond to £8.6m UEFA settlement for Abramovich-era FFP breach

Related Articles

Stay Connected

3,000FansLike
2,345FollowersFollow
- Advertisement -

Latest Articles