Chelsea Football Club has ripped up its partnership agreement with a firm that was raided by the police’s fraud squad earlier this month, City A.M. understands.
CWM FX became the Premier League club’s official online forex trading partner at the start of the year, as part of a spate of glamorous marketing deals aimed at various sports.
CWM’s offices at the Heron Tower on Bishopsgate were raided on 3 March by the City of London police, resulting in 13 people being arrested.
Police this week appealed for anyone who has invested in a CWM managed fund – specifically those offering five per cent interest a month – to contact the authorities.
CWM’s senior executives have been enjoying live matches at Stamford Bridge, and invited IBF World Super Bantamweight boxing champion Carl Frampton to their corporate box for the crunch clash against title-holders Manchester City at the end of January.
Chelsea believed the deal with CWM FX would be relatively minor, yet the police raid had the potential to cause embarrassment to the west London side.
City A.M. understands that certain requirements contained in the original agreement were not satisfied by CWM, resulting in the deal being terminated.
There is no suggestion of wrongdoing connected with the agreement between CWM and Chelsea. A CWM statement from earlier today, regarding the police enquiry, said: "There is no sustainable basis for these allegations." It added:
CWM believe that they have been the victim of an orchestrated campaign initiated by individuals motivated by personal animosity.
CWM understands from third parties that clients have received calls from an individual; the purpose of the calls appears to have been to raise doubt about CWM as a business. Despite requests made of the police, they have thus far failed to provide the name of a single investor who has raised concerns with them.
CWM have made an offer to the City of London Police to ring fence funds, additional to those invested, to underwrite investors’ protection and allay any genuine concerns.