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Chelsea handed hefty £8.6million UEFA fine for incomplete financial reporting under Roman Abramovich

Bynewsmagzines

Jul 28, 2023
Chelsea handed hefty £8.6million UEFA fine for incomplete financial reporting under Roman Abramovich

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Chelsea have been slapped with an £8.6million fine from UEFA as a result of Financial Fair Play breaches under Roman Abramovich.

It has been revealed that the Blues submitted incomplete financial reporting to European football’s governing body from 2012-2019.

The FFP charges are related to Chelsea under Abramovich

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The FFP charges are related to Chelsea under AbramovichCredit: AFP
Chelsea's new owners signalled to UEFA that there might have been FFP breaches

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Chelsea’s new owners signalled to UEFA that there might have been FFP breachesCredit: Getty

Following their purchase of the club last year, Chelsea’s new owners – including Todd Boehly – alerted UEFA to potential issues with their FFP regulations.

It prompted the footballing body to open an investigation into Chelsea’s finances.

And the verdict was made on Friday that the Blues had breached several FFP rules, leading to a hefty fine of £8.6m.

With Chelsea failing to qualify for a European competition this season, they will face no further sanctions.

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In a statement released on Friday, UEFA said: “With respect to Chelsea, 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 €10million [£8.6m] to fully resolve the reported matters.”

Chelsea are not in next season's Champions League

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Chelsea are not in next season’s Champions LeagueCredit: Getty

A Chelsea statement on the matter read: “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 €10million [£8.6m] to UEFA as a fixed payment.”

They added: “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.”

UEFA have a three-year statute of limitations when it comes to FFP breaches, which meant that Chelsea were only punished for rules broken in the 2018/19 season.

But that has not stopped the organisation from slapping the west London outfit with a mammoth fine.

Manchester United were handed a fine amounting just over £250,000 earlier this month for also breaching FFP.

Juventus, meanwhile, were given an even bigger fine of £17.1m following their financial scandals of last season, while also being booted out of the Europa Conference League.

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