Recall that Abramovich was the owner of Chelsea from 2003 to 2022 when he was sanctioned by the UK government and subsequently disqualified as a director of the club following Russia’s invasion of Ukraine.
The new leadership, led by Todd Boehly, reported cases of incomplete financial information during Abramovich’s tenure.
Leaked documents reported by The Guardian and Bureau of Investigative Journalism revealed that Abramovich purportedly utilized offshore companies to conduct transactions with agents and associates, allegedly benefitting Chelsea. These unreported payments amounted to tens of millions of pounds and may have breached financial regulations if not officially declared.
In July 2023, UEFA imposed a €10 million fine on Chelsea for “submitting incomplete financial information” from 2012 to 2019.
Concurrently, the Premier League’s ongoing investigation, which has the potential to result in a fine, points deduction, or transfer ban for Chelsea, aims to probe any possible connections between the offshore entities and individuals involved in player transfers.
Recently, the Premier League CEO, Richard Masters, acknowledged the complexity of the situation as it pertains to events that occurred under previous ownership. He expressed that the investigation is nearing a conclusion but refrained from disclosing the potential ramifications until the process is complete.
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