Chelsea pay UEFA €10m! Blues reach settlement over 'incomplete financial reporting' during Roman Abramovich ownership

• Chelsea pay fine to UEFA
• Club self-reported themselves after discovering breaches
• Blues still looking to raise funds for transfers

WHAT HAPPENED? The breaches took place some time before Todd Boehly and Clearlake Capital completed their takeover of the club in May 2022. Following the purchase, Boehly and Co discovered the misreporting and self-referred themselves to European football's governing body for judgement.

WHAT THEY SAID? The club released a statement on Friday evening, which read: "Chelsea FC’s ownership group completed its purchase of the club on 30 May 2022. During a thorough due diligence process prior to completion of the purchase, the ownership group became aware of potentially incomplete financial reporting concerning historical transactions during the club’s previous ownership.

"Immediately following the completion of the purchase, Chelsea self-reported these matters to UEFA. Chelsea has fully cooperated and assisted UEFA with its investigation of these matters and, following an analysis by the UEFA Club Financial Control Body, the club has entered into a settlement agreement with UEFA. Under that settlement the club is to pay a financial contribution of €10 million to UEFA as a fixed payment.

"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."

THE BIGGER PICTURE: Chelsea are eager to foster a strong relationship with UEFA after going close to falling foul of financial fair play regulations following a £600m transfer splurge in the previous two transfer windows. The club reported a £121m ($149m) loss back in March, but have since made efforts to balance the books by selling a string of players, including N'Golo Kante, Kai Havertz and Mateo Kovacic.

IN TWO PHOTOS:

WHAT NEXT? Chelsea's transfer business has not concluded for the summer just yet. Callum Hudson-Odoi is among the players that could still leave, while the Blues are pushing hard to sign Moises Caicedo from Brighton.