In a significant decision that has sent shockwaves through the football world, Chelsea Football Club, the prominent London-based team, has been slapped with a hefty €10 million fine by UEFA, the governing body of European football.
The penalty has been imposed for breaching the rules of financial fair play, a misconduct dating back to the era when the club was helmed by its previous owner, Russian businessman Roman Abramovich.
Boehly’s Attempt to Rectify Past Wrongs
Todd Boehly, the new owner of Chelsea, who took over the reins of the club in May 2022, had sought to rectify these financial irregularities promptly.
Despite his immediate contact with UEFA to address the situation, his efforts, regrettably, bore no fruit. UEFA upheld its decision, landing a heavy blow on the London Club. The offences pertain to incomplete financial reports spanning the period from 2012 to 2019, according to the Daily Mail.
Moreover, the club is charged with violating licensing rules during this time frame. The liability of these fines now falls on Boehly and the current club owners, despite the discrepancies having been caused by the previous administration.
UEFA Statement: Chelsea's Breach of Regulations
UEFA, following an exhaustive investigation into the matter, released a statement last night, affirming Chelsea's breach of the UEFA Club Licensing and Financial Fair Play regulations.
The violations stemmed from the submission of incomplete financial data, as per the UEFA statement. Upon taking over, Boehly and his team uncovered instances of possibly incomplete financial reporting under the former ownership.
These reported issues relate to historical transactions that occurred between 2012 and 2019. After its assessment, the CFCB First Chamber confirmed the violations and entered into a settlement agreement with the club, compelling Chelsea to pay a contribution of €10 million to fully resolve the issues.
The hefty fine comes at a time when the club is grappling with the worst performance in two decades, resulting in exclusion from European competition in the upcoming season. This follows the appointment of Argentinean Mauricio Pochettino as the club's coach.
Ahead of the new season, Chelsea is gearing up with friendly matches against Fulham and Borussia Dortmund, leading to a decisive face-off with Liverpool at their home ground.