Chelsea hit with UEFA fine over financial breach

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Chelsea hit with UEFA fine over financial breach

UEFA have confirmed that Chelsea have agreed to a €10m (£8.6m) settlement in regards to incomplete accounting in financial reports from Roman Abramovich's time at Stamford Bridge.

After BlueCo's takeover of Chelsea last summer, new co-owners Todd Boehly and Clearlake Capital reported possible gaps in the club's pre-existing financial reports to UEFA, with the incomplete accounts dating between 2012 and 2019.

After an investigation was launched, UEFA have confirmed that Chelsea have agreed to pay a €10m fine to bring the matter to a close.

A Chelsea statement read: "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 will not play in any European competition next season after their disappointing on-field performances in BlueCo's first year at the helm - a fact Brighton manager Roberto De Zerbi was all too happy to remind them.