|
The Financial Services Authority has concluded what is a rather long 26-month investigation into the 'nature and status of certain' shareholdings in Chelsea Village, former owner of Chelsea Football Club before its takeover by Roman Abramovich in 2003. The FSA said yesterday no further action would be taken after 'a through investigation, including extensive co-operation with other regulatory authorities.' Some of the shares that enabled Mr Abramovich to gain speedy control were owned by several trusts. Accounting for about 15 per cent of the shares, the trusts had the same address in Guernsey as the investment vehicle of Ken Bates, Chelsea's then chairman. Each of five trusts held just under the 3 per cent threshold at which disclosure would have been required under the Companies Act. In June 2002, Swan Management, another offshore company, sold shares in Chelsea Village. Some ended up with Mr Bates. The destination and beneficial ownership of the rest were never conclusively established. Although enjoying a lower profile than when he was at Chelsea, Ken Bates has continued his long running involvement with football. Mr Bates is now chairman of Leeds United after winning control of behalf of a Swiss company whose owners have never been revealed.
|
