An investigation conducted by the BBC, in collaboration with the international Cyprus Confidential project, has revealed a network of financial operations aimed at protecting the vast assets of Roman Abramovich, former Chelsea owner. According to leaked documents, accounting firms DeloitteCyprus and MeritServus played a key role in hiding over ten billion dollars by facilitating the creation of offshore vehicles in Cyprus and the British Virgin Islands.
Abramovich bought Chelsea in 2003, transforming it into a European football powerhouse. In 2022, however, the British government imposed sanctions due to the oligarch's ties to Vladimir Putin, forcing him to sell the company. Meanwhile, documents reveal that the company AmiscanInvestments registered luxury assets worth a total of $672 million—yachts, jets, helicopters and historic properties—that were fraudulently transferred to offshore companies, avoiding tax transparency.
The accounting falsification practices include the backdating of documents and the rewriting of records, with the aim of drastically reducing the amount declared in Cyprus to just 145 thousand dollars. The companies involved, including KravinInvestments and ElectusInvestments, registered assets of more than ten billion dollars as belonging to entities based in the British Virgin Islands. Experts consider these actions to be a clear breach of statutory duties, with potential criminal consequences in other jurisdictions.
Abramovich currently resides in Türkiye, where the sanctions regime has not been applied. However, a criminal investigation is ongoing on the island of Jersey, with more than £5.4 billion frozen in his account. The former Chelsea owner's lawyers have rejected the allegations, arguing that the 59-year-old had no knowledge of the day-to-day management of the companies and was merely providing advice to qualified professionals.
The investigation continues to evolve, with authorities examining the complexity of the offshore network and the tax implications. The next steps should clarify the extent of the responsibilities of Abramovich and the clubs involved, while the football community carefully observes the potential repercussions on the sector.