The Blues has spent vast sums of money since Roman Abramovich sold the Premier League club Mykhailo Mudryk of Chelsea reacts after a missed chance during the Premier League match between Liverpool and Chelsea on January 21, 2023 © Getty Images / Laurence Griffiths/Getty Images

UEFA is set to close a financial loophole exploited by Chelsea in recent months which has seen the Premier League giants spread the cost of their transfer spend over as many as eight seasons, according to reports.

European football’s governing body has heeded complaints from several Premier League clubs that objected to Chelsea’s eye-watering transfer spree, which has seen them spend more than £460 million ($566 million) since the summer transfer window opened in 2022.

Chelsea, who are now operated by US businessman Todd Boehly, have largely bypassed Financial Fair Play (FFP) regulations by using an accounting technique called amortization to spread transfer fees over extended periods – such as the eight years over which Mikhail Mudryk’s transfer fee will be applied to Chelsea’s books.

Ukraine international Mudryk joined the club earlier this month for a potential fee of £88 million ($108 million) from Shakhtar Donetsk on an eight-and-a-half-year contract. (RT)