Chelsea FC Has More Than £100 Million To Pay Fines Over Charges

Premier League team Chelsea has more than enough money left from its 2022 takeover to cover any fines leveled at the football club after it was charged with 74 alleged rule breaches.

England's Football Association said the breaches primarily relate to trading players between the 2010/11 and 2015/16 seasons when the London club was owned by sanctioned Russian billionaire Roman Abramovich.

Potential sanctions include a fine, transfer ban or points deduction. If fined, Chelsea — which is now owned by a consortium led by US businessman Todd Boehly and private equity firm Clearlake Capital — withheld more than £100 million ($136 million) from the purchase as part of an escrow arrangement that could cover any financial penalties, a person close to the club said.

Chelsea has “demonstrated unprecedented transparency during this process,” including giving the regulator access to its files and historical data, it said on its website. The current ownership group first became aware of potentially incomplete financial reporting concerning historical transactions and other potential breaches of FA rules during the due diligence process for the £2.5 billion acquisition, it added.

The charges come at a time when English clubs and fans await the conclusion to a years-long investigation into alleged rule breaches by Manchester City between 2009 and 2018. Manchester City has fought the allegations every step of the way.

Premier League teams Everton and Nottingham Forest were deducted points after being charged with flouting regulations on financial fair play.

Chelsea agreed to pay a £8.6 million fine from UEFA in July 2023 for “incomplete financial reporting” under Abramovich, who was forced to sell the club after Russia’s invasion of Ukraine.

Chelsea’s statement on the FA’s charges doesn’t reveal which transactions are being probed, but high-profile deals in that period include the purchase of former star Eden Hazard. 

After a difficult transition from a trophy-laden Abramovich era that included the team’s worst league finish for 29 years, Chelsea has begun to taste some success on the field again. The club won the third-tier European competition, the UEFA Conference League, qualified for this season’s Champions League and went on to win the Club World Cup in July.