Chelsea to pay €10 million fine to UEFA as settlement fee for FFP breaches
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| Chelsea to pay €10million fine to UEFA as settlement fee for FFP breaches |
Chelsea have been dealt a heavy blow with a €10 million settlement imposed by UEFA due to Financial Fair Play (FFP) breaches. The violations stem from the period when former owner Roman Abramovich was in charge, and it appears that incomplete financial information was submitted to the governing body.
Fortunately, the club's current owners, including Todd Boehly, detected the breaches and promptly alerted UEFA, leading to an investigation. A statement from UEFA reads (via Mirror):
"With respect to Chelsea FC (ENG), the CFCB First Chamber concluded that the club breached the UEFA Club Licensing and Financial Fair Play regulations as a result of submitting incomplete financial information."
"Following the club’s sale in May 2022, the new ownership identified, and proactively reported to UEFA, instances of potentially incomplete financial reporting under the club’s previous ownership. The reported matters related to historical transactions which took place between 2012 and 2019."
It concluded:
"Following its assessment, including the applicable statute of limitations, the CFCB First Chamber entered into a settlement agreement with the club which has agreed to pay a financial contribution of €10 million to fully resolve the reported matters."
This settlement comes as another financial setback for Chelsea, especially after their failure to qualify for any European competitions in the previous season. Finishing 12th in the Premier League with just 11 wins out of 38 games was a disappointing outcome for the Blues.
The team underwent several managerial changes during this period, with the likes of Thomas Tuchel, Graham Potter, and Frank Lampard all getting sacked from the dugout respectively.
Mauricio Pochettino, the new boss at Stamford Bridge, faces the challenge of managing a reduced squad after they let go of several established first-team players. These include the likes of Kai Havertz, Mason Mount, and Mateo Kovacic, who were all sold during the summer transfer window.
In the wider football landscape, it's not only Chelsea that have faced the consequences of UEFA investigations. Italian giants Juventus have also been handed a severe penalty. They will be banned from participating in European competitions during the 2023/24 campaign and are required to pay a hefty €20 million settlement.
Okeke George Chijioke
When you don't see Okeke George blogging, he sure will engage him self in sporting activities.
