UEFA fined Chelsea £8.5 million for violating Financial Fair Play rules by presenting ‘incomplete financial information’ under previous owner Roman Abramovich.
- Chelsea has been fined more than £8.5 million for violating Financial Fair Play Rules.
- According to UEFA, they presented ‘incomplete financial information’ from 2012 to 2019.
- The Premier League is likely to finish its own inquiry.
UEFA fined Chelsea more than £8.5 million for violating Financial Fair Play regulations under previous owner Roman Abramovich.
Chelsea filed ‘incomplete financial information’ between 2012 and 2019 while Abramovich was still in charge, according to UEFA.
Following his purchase of the club in May 2022 when the government ordered Abramovich to sell Chelsea due to his ties to Vladimir Putin, new owner Todd Boehly alerted UEFA about the irregularities in the accounting.
Chelsea will face no further penalty in addition to the €10 million (£8.6 million) fine, while the Premier League is expected to launch its own inquiry into the violations.
‘With respect to Chelsea FC, the CFCB First Chamber concluded that the club violated the UEFA Club Licensing and Financial Fair Play regulations as a result of submitting inadequate financial information,’ stated UEFA in a statement yesterday night.
Following the club’s sale in May 2022, the new ownership uncovered and notified to UEFA instances of potentially incomplete financial reporting under the club’s prior ownership. The reported problems concerned previous transactions that occurred 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 agreed to pay a financial contribution of €10 million to fully remedy the reported concerns,’ according to the statement.
Chelsea will not be competing in European competition next season after finishing 12th in the Premier League. Despite the fact that the inconsistencies date back to 2012, UEFA rules say that Chelsea can only be penalised for violations that occurred during the last five years.
UEFA also declared that Juventus has been knocked out of this season’s Europa Conference League due to the false accounting issue that has already cost them 10 points in the Italian league and eliminated them from Champions League qualifying. Aston Villa will now be seeded for their two-legged play-off round in August.
Juventus has also been fined more than £17 million, albeit they will only have to pay half of that amount if there are no accounting violations until 2025.
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