Upon their takeover of the club in 2022, Chelsea's BlueCo owners discovered the previous regime had made secret payments to players, unlicensed agents and third parties, with deals for Eden Hazard, Samuel Eto'o and Willian among those that were under scrutiny.
In a statement on Monday, the Premier League said: "As a result of the Premier League's investigation, it was established that between 2011 and 2018, undisclosed payments by third parties associated with the club were made to players, unregistered agents and other third parties.
"These payments were not disclosed to the football regulatory authorities at the time, including the Premier League. The payments were made for the benefit of Chelsea FC and should have been treated as having been made by the club.
"The club has also accepted, among other things, that the making of these payments, as well as the failure to disclose them to the League, constituted a breach of the requirement to act in good faith towards the League.
"The Premier League Board was satisfied that in no scenario would the club have breached the League’s Profitability and Sustainability Rules during the relevant periods, had the relevant payments been properly included in the club’s historical financial submissions.
"When considering the appropriate sanction, the Premier League Board noted that the club’s proactive self-reporting, admissions of breach and exceptional cooperation throughout the investigation acted as significant mitigating factors."