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Chelsea reveal Uefa resolution after ‘incomplete financial reporting’ under the Roman Abramovich regime
Chelsea reveal Uefa resolution after ‘incomplete financial reporting’ under the Roman Abramovich regime
Chelsea have agreed a resolution with UEFA that will see them hand over 10million euros (£8.57million) after owning up to “incomplete financial reporting” under the Roman Abramovich regime. A new ownership group led by Todd Boehly and Clearlake Capital completed their takeover of the club in May last year from Abramovich, who was sanctioned over his links to Russia president Vladimir Putin. UEFA, which has also banned Juventus from competing in the Europa Conference League this season due to financial irregularities, confirmed it was approached “proactively” by the Boehly-led consortium. They detected instances of partial financial information being submitted in historical transactions occurring between 2012 and 2019, breaching UEFA Club Licensing and Financial Fair Play regulations. A UEFA statement said: “Following its assessment, including the applicable statute of limitations, the CFCB (Club Financial Control Body) First Chamber entered into a settlement agreement with the club which has agreed to pay a financial contribution of 10million euros to fully resolve the reported matters.” The sanction represents another blow for Chelsea’s current owners after a disappointing first year at the helm, with the club’s 12th-place finish in the Premier League last term their worst since 1993-94. Chelsea have forked out around £600million in transfers since Boehly’s arrival, while former Tottenham boss Mauricio Pochettino has been tasked with turning around their on-pitch fortunes. Chelsea said in a statement the owners became aware of potential impropriety when carrying out a “thorough due diligence process” prior to the purchase and, upon completion of the takeover, they reported this to UEFA. The statement added: “In accordance with the club’s ownership group’s core principles of full compliance and transparency with its regulators, we are grateful that this case has been concluded by proactive disclosure of information to UEFA and a settlement that fully resolves the reported matters. “We wish to place on record our gratitude to UEFA for its consideration of this matter. Chelsea greatly values its relationship with UEFA and looks forward to building on that relationship in the years to come.” Juventus have also been reprimanded after a separate UEFA investigation and as well as throwing the Italian giants out of European football, they have been fined 20million euros (£17.14m). However, half of that fine has been suspended and Juventus will only have to pay if their financial records for the next three years do not comply with the accounting requirements. Juventus – who were docked 10 points last season over their past transfer dealings, effectively ending their hopes of Champions League qualification – were found to have violated the framework of a settlement agreement with UEFA in August last year. Juventus president Gianluca Ferrero said in a statement on the club’s website: “We regret the decision of the UEFA Club Financial Control Body. “We do not share the interpretation that has been given of our defence and we remain firmly convinced of the legitimacy of our actions and the validity of our arguments. “However, we have decided not to appeal this judgement. Despite this painful decision, we can now face the new season by focusing on the field and not on the courts.”
2023-07-29 05:28
Braves Rumors: Vaughn Grissom value, AA strikes again, deadline moves
Braves Rumors: Vaughn Grissom value, AA strikes again, deadline moves
MLB Rumors: Alex Anthopoulos won the Raisel Iglesias tradeAtlanta still features Raisel Iglesias at closer, and frankly that would have been enough to win their 2022 trade with the Los Angeles Angels. Yet, it gets far worse for Perry Minasian.Iglesias ended up being a bargain for Anthopoulos a...
2023-07-29 04:28
Cardinals: St. Louis media is extra salty about latest Nolan Arenado report
Cardinals: St. Louis media is extra salty about latest Nolan Arenado report
With all these spices, the St. Louis media certainly is salty about Los Angeles media reports of a possible trade involving Nolan Arenado.Twitter loved a post from the St. Louis Post-Dispatch's Ben Frederickson discussing the Los Angeles media's fascination with trading to bring St. Lo...
2023-07-29 03:56
Manchester United reject £20million Harry Maguire bid from West Ham
Manchester United reject £20million Harry Maguire bid from West Ham
West Ham are unlikely to go back in for Manchester United captain Harry Maguire after seeing a £20million bid knocked back, the PA news agency understands. The Old Trafford giants made the England international the most expensive defender in history when bringing him in from Leicester for £80million in 2019. Maguire was swiftly handed the captain’s armband, but a lack of form and game time led Erik ten Hag to this month name Bruno Fernandes as United’s new skipper. Numerous clubs have been linked with a summer move for the out-of-favour defender and West Ham have seen a £20m bid for the 30-year-old rejected. PA understands the Europa Conference League winners are unlikely to make another move for him after seeing that bid rebuffed. Maguire has dropped down the pecking order at United under Ten Hag, yet sources indicate he is still seen as a valuable part of the squad and stressed they are not forcing him out. The defender has remained a key member of the England squad, despite enduring a poor 2022/23 campaign, but his place could come under threat if things do not improve before Euro 2024. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live
2023-07-29 03:54
Cowboys rumors: Update on CeeDee Lamb negotiations, Dak Prescott's denial, Deuce Vaughn goes viral
Cowboys rumors: Update on CeeDee Lamb negotiations, Dak Prescott's denial, Deuce Vaughn goes viral
Cowboys rumors: CeeDee Lamb hands off with contract negotiationsThe Cowboys have had a busy offseason trying to work on new deals for the key cogs in the Dallas football machine.Trevon Diggs got his recently while wide receiver CeeDee Lamb, offensive tackle Terence Steele and linebacker Micah ...
2023-07-29 03:28
3 second-round picks from the 2023 NBA Draft who could play big minutes
3 second-round picks from the 2023 NBA Draft who could play big minutes
Everyone is focused on the top picks from the 2023 NBA Draft but these second-round picks could have a big impact, playing meaningful minutes as rookies.Several of the league's top athletes were selected in the second round of the draft. For example, Nikola Jokic was a second-rounder. He wa...
2023-07-29 03:23
Chelsea agree resolution over finances that sees them hand over £8.57m to UEFA
Chelsea agree resolution over finances that sees them hand over £8.57m to UEFA
Chelsea have agreed a resolution with UEFA that will see them hand over 10million euros (£8.57million) after owning up to “incomplete financial reporting” under the Roman Abramovich regime. A new ownership group led by Todd Boehly and Clearlake Capital completed their takeover of the club in May last year from Abramovich, who was sanctioned over his links to Russia president Vladimir Putin. UEFA, which has also banned Juventus from competing in the Europa Conference League this season due to financial irregularities, confirmed it was approached “proactively” by the Boehly-led consortium. They detected instances of partial financial information being submitted in historical transactions occurring between 2012 and 2019, breaching UEFA Club Licensing and Financial Fair Play regulations. A UEFA statement said: “Following its assessment, including the applicable statute of limitations, the CFCB (Club Financial Control Body) First Chamber entered into a settlement agreement with the club which has agreed to pay a financial contribution of 10million euros to fully resolve the reported matters.” Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live
2023-07-29 02:26
The other American women's team at World Cup
The other American women's team at World Cup
A shock win by Philippines over New Zealand was forged thousands of miles away in the US.
2023-07-29 02:25
Marvin Harrison Jr. claims Ohio State had Georgia beat if not for injury
Marvin Harrison Jr. claims Ohio State had Georgia beat if not for injury
Marvin Harrison Jr. believes the Ohio State Buckeyes would have beaten the Georgia Bulldogs if he hadn't gotten injured in the College Football Playoff.The Peach Bowl between Georgia and Ohio State was one of the most thrilling College Football Playoff Semifinals of the last few years.T...
2023-07-29 01:50
Michigan football news roundup: 4-star commitment date set, Jim Harbaugh suspension replacement and more
Michigan football news roundup: 4-star commitment date set, Jim Harbaugh suspension replacement and more
Michigan football recruiting: 4-star OT Bennett Warren sets commitment dateMichigan already has the No. 4-ranked class in the 247Sports composite and they're poised to add one of their highest-rated commitments yet.Four-star offensive tackle Bennett Warren set his commitment date for July...
2023-07-29 01:28
Not So Fast: Why the Mets should keep Justin Verlander
Not So Fast: Why the Mets should keep Justin Verlander
The Mets have already unloaded veterans Eduardo Escobar and David Robertson via trade; the firestorm is under way. But should GM Billy Eppler also deal ace Justin Verlander?The rumors are already swirling: Could veteran ace Justin Verlander be heading to the hard-hitting Texas Rangers?Better...
2023-07-29 00:18
NFL rumors: Aaron Rodgers, Jets torturing rest of AFC East before season even begins
NFL rumors: Aaron Rodgers, Jets torturing rest of AFC East before season even begins
The New York Jets are closing in on a contract for running back Dalvin Cook. The draw of playing with Aaron Rodgers strikes again.Free-agent running back Dalvin Cook is set to visit the New York Packers -- yes, I called them that for a reason -- this weekend. Cook, formerly with the Minnesota Vi...
2023-07-28 23:47
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