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Saturday April 20, 2024

Premier League probes Chelsea for financial breaches

The club could face heavy fines and point deduction if the breach is proved

By Web Desk
August 10, 2023
Chelsea players pose for a team photo ahead of a pre-season friendly football match between Chelsea FC and Borussia Dortmund BVB at Soldier Field in Chicago, Illinois, on August 2, 2023.—AFP
Chelsea players pose for a team photo ahead of a pre-season friendly football match between Chelsea FC and Borussia Dortmund BVB at Soldier Field in Chicago, Illinois, on August 2, 2023.—AFP 

The Premier League has embarked on an investigative journey, delving into possible instances of financial regulation breaches involving Chelsea Football Club. 

This probe comes in the wake of Chelsea's recent penalty of £8.6 million imposed by UEFA in July, stemming from their infringement of the Financial Fair Play regulations. 

The breach specifically pertained to the club's submission of incomplete financial information over the period spanning 2012 to 2019.

The emergence of these breaches aligns with the club's altered ownership structure, following its sale in May. It is noteworthy that the contemporary ownership promptly notified the Premier League about comparable issues, showcasing a proactive approach to addressing financial improprieties.

The Premier League is currently evaluating the viability of formal charges, echoing actions taken against other clubs such as Manchester City and Everton, which have faced analogous financial discrepancies. The initial UEFA fine, it should be noted, centred around a seven-year duration during which Roman Abramovich retained control of the club.

Recently, Abramovich relinquished ownership of Chelsea to a consortium headed by American investor Todd Boehly and private equity firm Clearlake Capital. The club has affirmed its full cooperation with UEFA's investigations and the subsequent agreement reached with the governing body.

Crucially, it's pivotal to underscore that clubs found culpable of financial regulation transgressions may face monetary fines and even deductions in points. In a parallel case, reigning Premier League champions Manchester City encountered over 100 charges related to financial misconduct in February. 

They, however, staunchly repudiated any wrongdoing. Similarly, Everton found themselves subject to Premier League scrutiny in May due to alleged financial fair play regulation breaches. Like Manchester City, they refuted the allegations.