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    Home » Chelsea fined €10m by UEFA for FFP breaches in Roman Abramovich era
    Sport

    Chelsea fined €10m by UEFA for FFP breaches in Roman Abramovich era

    Emma TeeBy Emma TeeJuly 28, 2023No Comments2 Mins Read
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    • Chelsea pay hefty UEFA settlement after incomplete financial reporting in Roman Abramovich era.

    Chelsea fined €10m by UEFA for FFP breaches in Roman Abramovich era
    Chelsea fined €10m by UEFA for FFP breaches in Roman Abramovich era

    UEFA has fined Chelsea €10 million (£8.6 million, $11 million) for prior violations of the Financial Fair Play (FFP) rules.

    The Premier League team provided incomplete financial data on transactions that happened between 2012 and 2019 when it was still under Roman Abramovich’s ownership.

    According to UEFA, Chelsea’s new owners, a group led by Clearlake Capital and Todd Boehly, who took over the club in May 2022, made the organization aware of previous instances of inaccurate financial reporting.

    Chelsea won’t face any more athletic penalties as a result of the €10 million fine. The West London team, which placed 12th in the Premier League in 2022–23, will not be participating in any European competitions for the upcoming season.

    The Club Financial Control Body (CFCB), an independent panel inside UEFA that has investigative and adjudicatory arms and is responsible for enforcing FFP and making sure the rules are implemented, oversaw the case.

    A UEFA statement read: “With respect to Chelsea FC 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 to fully resolve the reported matters.”

     

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