Chelsea’s record-breaking £1 billion transfer spend since Todd Boehly and Clearlake Capital took over the club in May 2022, is nothing short of extraordinary. The most unbelievable part of it all? The club looks worse off than before they spent the money. Sitting eleventh in the Premier League, and with fans outraged at their team’s performances, it is hard to believe this is the same Chelsea that won the Champions League just three years ago. The question has to be asked, what on earth is going on?
To find out, we spoke to Chelsea journalist and lifelong fan Paul Lagan, who has covered The Blues for 35 years. In that time Lagan, aged 64, has interviewed the majority of managers and players at Chelsea and is an expert on the club.
New business strategy:
Lagan explained: “It’s a lot of money, isn’t it. There is no denying that. Chelsea’s new owners Clearlake Capital are hedge funders so want to make money. To do that, they want to buy younger players whose value will increase over time.
“These players are investments, and the stakeholders from across the globe want interest in what they’ve put capital into. The priority for the owners is that these players increase in value, winning trophies is almost secondary to them. That will come later.
“As far as the club is concerned their policy is working because they’re lowering the age group and bringing in young players on long contracts to use as assets in the future. They’ll have to re-evaluate their aims, as you do in all businesses, and see what their next step is.
“I do question their recruitment policy. I’m no transfer guru, but you don’t have to be an expert to know that Chelsea needs a world-class striker.”
Expensive signings underperforming:
Anger from fans has come towards expensive signings such as Mykhailo Mudryk (£89 million), Moises Caicedo (£100 million) and Enzo Fernandez (£107 million) not performing to the level their prices justify.
Lagan said, “I think one of the main issues is due to the large price tags of these players, most of the fans want them to hit the ground running.
“But you have to remember they are only young players, so it is a big ask. They also come from different countries, so on top of that they’re dealing with a new language and culture.
“Take Mudryk for example. He has come from Ukraine and the war will have had an impact on him. He has already shown he can be a fantastic player, for instance, his goal against Newcastle was reminiscent of Jimmy Greaves.
“There is so much pressure from the media and fans due to his price tag, and he needs time to develop. Cole Palmer has been our best signing this season, and I think a major part of that is that he cost £44 million, so he has had less pressure to hold him back.”
Missing Roman Abramovich?
Former owner Roman Abramovich was forced by the U.K. government to sell Chelsea in 2022, due to his ties with Vladimir Putin. Abramovich shattered the status quo when he brought the club in 2003, transforming Chelsea into a modern powerhouse, by pouring money into the club and sacking any manager who was not getting results. This proved a successful strategy, with the Oligarch’s tenure bringing Chelsea five Premier League titles and two Champions League trophies, alongside 14 other trophies.
Lagan told us, “Not too many people understand what was going on during the Abramovich tenure. At the time he was the major player, and hence we could bring in top proven talents from across the globe.
“Nowadays, owners from clubs like Man City and Newcastle want to improve their own country’s reputation via sports washing. Their main goal is fast success, like Abramovich’s was, so they can bring in more proven, experienced players.
“Chelsea on the other hand are focussing on growing the club financially, via these younger signings.”
Too many signings?
Chelsea have made 30 new signings in just four transfer windows, which has forced eyes on young and unproven players.
Lagan said, “Often one new player will struggle in their first season, like Jack Grealish did at Man City, and then hit the ground running when they settle in.
“In Chelsea’s case, you’re multiplying that number to almost your entire first team, and then obviously the results are not going to be great.”
Paul Lagan is a veteran football journalist, who has covered
Chelsea for the past 35 years. His work has taken him from cold
nights in Grimsby, to warming catalan evenings at the Camp Nou
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