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Premier League investigates potential financial regulation breaches during Abramovich's Chelsea ownership

Posted : 10 August 2023
The Premier League is currently looking into possible breaches of financial regulations during Roman Abramovich's ownership of Chelsea, as confirmed by CEO Richard Masters on Wednesday.
 
Last year, Abramovich sold the club to an investment group led by American businessman Todd Boehly and Clearlake Capital after his assets in the UK were frozen due to the Russian government's invasion of Ukraine.
 
The new owners of Chelsea self-reported several financial transactions that occurred during Abramovich's era to the Premier League, the FA, and UEFA, the governing body for European soccer.
 
"We have been transparent about the historical issues related to Chelsea since they self-reported to the Premier League and the FA. Thus, it's evident that we are investigating the matter," Masters informed the British media.
 
Should the Premier League determine that a club has violated financial regulations and has a case to answer for, the allegations will be presented to the respective club.
 
A report from The Times newspaper suggests that the investigation encompasses substantial payments to undisclosed offshore entities, potentially tied to football intermediaries, which could result in penalties such as a significant fine or even a deduction of points for the club.
 
Masters emphasized the desire for a prompt and efficient due process. He said, "We aim for the due process to be carried out in the most effective manner and as swiftly as possible. While it's not always easy to expedite such matters, our focus is on arriving at the correct outcome, whether that implies clubs are found guilty of breaching regulations or not."
 
Back in July, UEFA reached an agreement with Chelsea regarding incomplete financial information submitted for "historical transactions" that occurred between 2012 and 2019. The London club paid a fine of €10 million ($10.98 million) as part of the settlement.
 
Chelsea, which ended up in 12th place in the Premier League after a tumultuous season, will not be participating in European competitions in the 2023-24 season.
 

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