Chelsea are expected to be dealt a HUGE unpaid tax bill after inspectors unravel past liabilities
Chelsea ‘expected to be handed HUGE unpaid tax bill after inspectors reveal full liabilities left over from Roman Abramovich’s ownership’ after club received funding via a number of parent companies
- The Blues are expected to run up a large unpaid tax bill next month
- HMRC and Chelsea have been in contact to clarify the full extent of obligations
- The significant bill stems from funding received during Abramovich’s tenure
- The club’s chiefs revealed contingencies initially valued at £2.5 billion
Chelsea are expected to face a huge unpaid tax bill next month after investigators revealed the full liabilities back from Roman Abramovich’s ownership, according to The telegraph.
It has been revealed that during the Russian’s tenure, club chiefs were forced to disclose contingencies initially worth a total of £2.5 billion.
During Abramovich’s reign, the Blues received funding via a complex series of parent companies, where tax liabilities had become increasingly difficult to unravel.
But HMRC and the club have been in contact for the past month and inspectors are now ready to issue a final bill.
A spokesman for the club told Telegraph Sport: “It is not unusual in these types of transactions, particularly deals completed in an accelerated timeframe, to withhold an amount related to contingencies that may arise from transactions that took place prior to the sale.”
Due to the rapid nature of Todd Boehly’s takeover, the liabilities were initially disclosed as a contingency, meaning a reduced amount of £2.3 billion remains in a government holding account.
Chelsea will be handed a huge unpaid tax bill from liabilities found under last ownership
Under Roman Abramovich’s ownership, executives revealed liabilities worth £2.5 billion
Mike Penrose, who was tasked with using the funds for a war victims’ fund, claims to have only received legal fees in setting up the new organization three months after the deal.
The club has made it clear that at no time have they breached the profit and sustainability regulations of either the Premier League or UEFA.
The Russian agreed to sell the Premier League side for £4.25bn in May to a consortium led by Los Angeles Dodgers co-owner Boehly and backed by Clearlake Capital.
Due to the quick nature of Todd Boehly’s takeover, the liabilities were listed as a contingency