Premier League investigators probe Chelsea payments to offshore companies

Premier League profit and sustainability investigators are scrutinising Chelsea payments to offshore companies during the Roman Abramovich era.

Telegraph Sport disclosed a year ago how concerns over huge unpaid liabilities had been declared immediately prior to the Todd Boehly-led takeover. Just days before the £2.5 billion deal, £100 million was wiped off the sale price to cover potential costs.

Third-party sources involved in the deal last year suspected some of those liabilities placed Chelsea at risk of financial fair play sanctions. The club vehemently dismissed such a prospect at the time.

However, it has now emerged investigations were launched after Chelsea’s new owners subsequently voluntarliy reported financial transactions between 2012 and 2019 to the Football Association, Premier League and Uefa. Last month, the club agreed a settlement with Uefa to hand over €10 million (£8.6 million) for “submitting incomplete financial information” during the Abramovich era.

The Premier League, which has powers to potentially dock points or heavily fine, is understood to be interrogating millions of pounds paid to around six offshore companies. Checks by regulators after the club effectively became a frozen asset in March prompted Chelsea to declare potentially huge unpaid liabilities to Boehly at the 11th hour. The American owner, who partnered with, among others, US private equity firm Clearlake Capital, was subsequently allowed to hold back almost 10 per cent of the purchase price.

During the entire Abramovich era, Chelsea’s financial ecosystem had been heavily reliant on offshore payments between the club and a series of interconnected companies. In his last full year of full ownerwhip, Fordstam Ltd injected around £150 million and withdrew around £130 million to end the year loaning the club an overall £19.9 million, and taking the total related-party loans to £1.514 billion.

The loans were due to be repaid to Camberley International Investments Ltd, a Jersey-based entity which the target of an asset freeze raid by authorities last summer. Abramovich had already agreed to write off the debt when he put the club up for sale at the start of March.