Chelsea and Manchester City transgressions finally catching up with them – Punishments imminent?
A new investigation by the International Consortium of Investigative Journalists (ICIJ) branded ‘Cyprus Confidential‘, lays bare a paper trail of companies incorporated in the tax haven of Cyprus, which has exposed the sprawling financial industry that powered the Putin regime, as a result, Chelsea Football Club faces fresh questions over how previous owner Roman Abramovich funded the club, possibly in breach of FFP.
Files reveal a series of payments worth tens of millions of pounds over a decade, routed through offshore vehicles belonging to Abramovich.
The transactions in question appear to have been for the benefit of Chelsea, raising questions about whether they were declared in accounts submitted to football’s governing bodies.
Chelsea’s finances are already being examined by the Premier League in an investigation that runs from 2012 to 2019, after the club’s new ownership regime voluntarily reported that incomplete financial information had been submitted during Abramovich’s tenure.
‘Cyprus Confidential’ shows that beneficiaries appear to include the agent of Eden Hazard, an associate of Antonio Conte and a range of Chelsea FC officials. Other payments appear to have been connected to the purchases of Willian and Samuel Eto’o.
If there is proof that Chelsea has used third party transactions to circumvent football’s profitability and sustainability rules, then sanctions that could amount to a points deduction are likely.
During the ten-years that ‘Cyprus Confidential’ covers, Chelsea won the Premier League four times, the FA Cup five times, the League Cup twice, the Champions League and the Europa League.
It seems that with Manchester City being investigated by the Premier League for breaking FFP rules in excess of 100 times between 2009 – 2018 and now this, the chickens are coming home to roost for those that have bought success in recent years.
This is of course something that, despite what we’re constantly told is what Newcastle United are doing, is not an avenue that we can legally pursue, despite being branded ‘the richest football club in the world’.
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