English league team Chelsea on Friday said it has decided to comply with a fine of €10m as stipulated by the UEFA over alleged breach of financial regulations.
The Club in a statement released on Friday however said the alleged breach took place under the defunct headship and ownership of the soccer team.
“Chelsea FC’s ownership group completed its purchase of the club on 30 May 2022,” the club said adding that 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.”
It explained that following the completion of the purchase, Chelsea self-reported these matters to UEFA.
It added, “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.”