Chelsea in the hands of payments from Abramovich’s shell company over the years

Serious new allegations have been made about Roman Abramovich, who was forced to sell English Premier League team Chelsea after Russia invaded Ukraine and sold it to an American businessman. The new International Consortium of Investigative Journalists (ICIJ) investigation “Cyprus Confidential” revealed how financial services providers in European Union (EU) member Cyprus evaded billions of dollars from the fortunes of Russian oligarchs to the threat of sanctions.

The information leaked by the company MeritServus operating in southern Cyprus was shared with many media outlets, especially The Guardian. Documents showing deals worth millions of euros claim Abramovich made payments to directors, clubs and coaches through offshore companies during his years as Chelsea owner.

The Russian businessman is alleged to have violated the Financial Fair Play (FFP) rule implemented by UEFA in 2011 due to payments he made for his team through shell companies. By channeling payments through his own companies, Abramovich may have artificially reduced Chelsea’s costs, which must be included in spending limits under FFP rules; This effectively allowed the club to spend more than allowed, giving them an unfair advantage over their rivals.

He lent money to the SON OF THE PRESIDENT OF CSKA

Abramovich’s offshore companies lent tens of millions of dollars to a company owned by Vadim Giner, son of CSKA Moscow president Evgeny Giner. The fact that CSKA Moscow is a rival football team playing in the same UEFA competition as Chelsea has raised questions about Abramovich’s influence over the team’s owners and a possible conflict of interest.

BUSINESS MONEY COVER FOR ADMINISTRATORS

In 2012, when Chelsea transferred Eden Hazard, they paid €7 million to manager John Bico-Penaque through a company registered in the United Arab Emirates.

Serbian coach Vladica “Vlado” Lemic, described as a friend of Abramovich, also received money from the transfers of two Serbian international players, Ivanovic and Matic, in 2008 and 2009. A total of $10.5 million was paid to companies owned of Lemic’s brother.

Leiston Holdings, one of Abramovich’s shell companies, paid 144,000 euros to the famous Dutch manager Pieter de Visser for the transfers of Arjen Robben and Petr Cech by signing scouting agreements.

The documents also claim that payments were made through offshore companies for the transfers of Samuel Eto, Willian, Bertrand Traore and coach Conte.

BUYING AND SPENDING A LOT OF MONEY IN EUROPE STARTED WITH HIM

When Roman Abramovich bought Chelsea in 2003, he attracted attention for the money he spent lavishly and for his record transfers. He has spent tens of millions of pounds acquiring the best players from around the world. The Russian businessman was rewarded for his investment in Chelsea in his second season, when José Mourinho appointed him as head of the team. The London team achieved its first victory in the Premier League in 2005.

COMES AFTER CHELSEA

Abramovich’s expensive transfers and his unprecedented spending to Chelsea, with its unlimited money, ushered in a new era in European football.

Manchester City, the only other English team to have not won a major trophy since 1976, has won seven Premier League titles after Emirati Sheikh Mansour bin Zayed Al Nahyan’s Abu Dhabi United Group bought the club in 2008 and acquired some of the best players in the world. In France, Qatar Sports Investment, owned by Qatar’s sovereign wealth fund, bought Paris Saint Germain, which won nine of the next 11 Ligue 1 titles thanks to top players such as Neymar and Kylian Mbappé.

AFTER ABRAMOVICH’S LEFT, THE FAILURE BEGAN

Roman Abramovich brought 21 trophies to Chelsea during his 19 years as owner. However, the English club that he was forced to sell finished last year after his departure in 12th place, its worst result since 1994. It was unable to participate in the European Cups.

HUGE SANCTIONS COULD COME, BUT THE RESULTS WON’T CHANGE!

The club also faces problems off the field. Sports law attorney Cuthbert told OCCRP that in addition to the multi-million-dollar fine Chelsea received from UEFA in July, they could also face other sanctions if the Premier League’s ongoing investigation uncovers FFP violations under Abramovich.

“Retroactive sanctions cannot undo the results of past competitions,” Cuthbert said, adding that if Chelsea were found to have gained an unfair advantage it could seriously damage the sport’s reputation.