Richard Masters has updated fans on the Premier League's investigation into Chelsea for potential financial breaches when Roman Abramovich was owner of the club.
Russian-Israeli oligarch Abramovich, 57, owned the Blues between 2003 and 2022, until he was sanctioned by the UK government and disqualified as a director of the club by the top flight after Russia's invasion of Ukraine.
When the Todd Boehly-led consortium purchased Chelsea in May 2022, they self-reported historical cases of incomplete financial information during Abramovich's tenure.
The Guardian and Bureau of Investigative Journalism later reported that leaked documents showed how Abramovich allegedly used offshore companies to make transactions to agents and associates, which appeared to benefit Chelsea.
These alleged payments were said to be worth tens of millions of pounds and could therefore have breached financial rules if not officially declared.
Richard Masters has updated fans on the Premier League's investigation into Chelsea for potential financial breaches when Roman Abramovich was owner of the club
The Guardian and Bureau of Investigative Journalism reported leaked documents showed how Abramovich allegedly used offshore companies to make payments for the benefit of Chelsea
If Chelsea are found guilty, they could be hit with a fine, points deduction or transfer ban
Chelsea's new owners reported themselves to UEFA and the Premier League when they discovered these payments, and in July 2023, UEFA fined the Blues €10m (£8.6m) for 'submitting incomplete financial information' between 2012 and 2019.
The new owners at Stamford Bridge made the submissions after flagging concerns over a number of previous transactions they uncovered during the takeover process.
Their concerns are over a number of payments to different offshore entities which are thought to be linked to transfers and which were not included in Chelsea’s annual reporting under financial regulations.
The probe - which could lead to a fine, points deduction or transfer ban for the Blues - was to set to examine potential links between the offshore entities and those involved in the transfers.
Mail Sport reported in 2023 how payments made by Chelsea to the father of Denmark defender Andreas Christensen, signed from Brondby in 2012, were expected to form part of the investigation.
They were made public by Danish newspaper Politiken in 2018, which – as part of the ‘Football Leaks’ cache of documents – claimed the club employed Sten Christensen as a scout on the day they concluded a deal for his son, and subsequently paid him more than £650,000 over four years while he was still employed as a goalkeeping coach at Brondby.
However, there has so far been no sanction from the Premier League, and Masters provided an update on the probe when questioned by talkSPORT ahead of the Premier League season getting underway.
'What we’re talking about is something historic,' he said. 'It's complicated where we have the club talking to us about things that have happened under a previous ownership.
'All I can say is that investigation is reaching a conclusion. But until it has done so, I can't really say what is going to happen next.'
Speaking back in 2023 after the Guardian and Bureau of Investigative Journalism claims, a Chelsea spokesperson said: 'These allegations pre-date the club's current ownership. They are based on documents which the club has not been shown and do not relate to any individual who is presently at the club.
'(During the purchase of the club the current owners become aware of) potentially incomplete financial reporting concerning historical transactions during the club's previous ownership.
'Immediately following the completion of the purchase, the club proactively self-reported these matters to all applicable football regulators.
Chelsea's new owners self-reported the incomplete financial information upon their takeover
Mail Sport reported in 2023 how payments made by Chelsea to the father of Denmark defender Andreas Christensen were expected to form part of the investigation
Several fans were worried that Masters' comments meant Chelsea were facing a transfer ban
'In accordance with the club's ownership group's core principles of full compliance and transparency the club has proactively assisted the applicable regulators with their investigations and will continue to do so.'
However, Masters' comments left Chelsea fans worried as many felt the imminent conclusion of the investigation explained why the Blues had been so active in recent transfer windows.
One said: 'Sounds like a transfer ban is coming,' before another added: 'RIP to our next few windows...'
A further fan said: 'No wonder we are moving so fast in the market lol,' as another supporter quipped: 'I think Chelsea already know that a transfer ban is on the cards, hence all the upfront spending.'