Chelsea Football Club has reached an agreement with UEFA over a settlement concerning financial reporting during the Roman Abramovich era.
The club has agreed to pay a substantial fine of 10 million euros (£8.6 million) after admitting to “submitting incomplete financial information” between 2012 and 2019.
The case came to light after the club’s new owners identified and reported the potential discrepancies to UEFA, showcasing a proactive approach to addressing the matter.
A statement released by UEFA acknowledged the cooperation of Chelsea’s current ownership and their commitment to transparent financial reporting.
The club’s new proprietors, following a change in ownership, conducted an internal review and, upon discovering instances of potentially incomplete financial information during the previous regime, promptly informed UEFA.
This proactive disclosure demonstrated a willingness to take responsibility for past actions and to comply with UEFA’s financial regulations.
The Club Financial Control Body (CFCB) First Chamber, responsible for overseeing compliance with UEFA’s financial rules, thoroughly examined the case, including the applicable statute of limitations.
After evaluating the findings, the CFCB First Chamber and Chelsea entered into a settlement agreement, resolving the reported matters through the payment of a 10 million euro financial contribution.
While this financial penalty is substantial, it serves as a resolution to the historical issue, allowing the club to move forward under the guidance of its new ownership with a clear understanding of UEFA’s financial requirements.
This settlement reinforces UEFA’s commitment to maintaining financial transparency and fair play across all participating clubs.
The situation with Chelsea comes amid increased scrutiny on football clubs’ financial practices, with UEFA and other governing bodies aiming to ensure financial stability and integrity within the sport.
In a separate incident, UEFA has taken decisive action against Italian club Juventus in relation to a financial wrongdoing case.
The CFCB First Chamber found Juventus guilty of violating UEFA’s regulatory framework and breaching a settlement agreement signed in August 2022.
As a consequence, Juventus have been removed from the Europa Conference League, dealing a significant blow to their European campaign.