By Satvik Shubham
Chelsea is a club who have found vast success in England’s top tier over the last three decades. Winning the UEFA Champion’s Cup two times, the club is not a stranger to success. However, in recent times, success seems to be a figment of most supporters’ imagination. After taking over Todd Boehly as the club’s new owner over Roman Abramovich due to the Russia-Ukraine conflict, it is safe to say that Chelsea’s spending spree reputation has not entirely kept up with their silverware identity.
After less than a year in charge, Boehly’s cohort has managed to rack up more than a quarter of previous owner Abramovich’s return, the only difference being, Roman did it over 19 years. The blues have signed 17 players in the Todd Boehly era, simultaneously breaking the winter transfer window record with an astonishing $356.95m spent. It would be foolish to rank Boehly’s reign as risk-averse so far, as his most recent acquisition, Enzo Fernandez, became the most expensive player in his position, being purchased for $132m from Portuguese giants Benfica. Joe Shield, a recruitment specialist now at Chelsea after previously serving for Southampton, strives to disrupt the transfer market, tying targets down to long-term contracts on a mouth watering project.
While the next generation might be looking promising for Chelsea, many are concerned about the present, with the team sitting at 10th in the Premier League table, which has led to many questioning the leadership skills of manager Graham Potter, despite his previous impressive spell at Brighton. The question would be around the stature of the players being brought in. While many are talented and worth a significant amount, the club’s spine has yet to be strengthened. Their two most lucrative deals, Mykhailo Mudryk and Enzo Fernandez have never played in the top five leagues. With little senior domestic experience under the belt of both, it will be doubtful whether they can turn things around for the London club in the coming years.
One question on the lips of many would be how they were regulated to spend such an absurd amount of money in a single window.
Chelsea supporters have been forced to study the art of amortization regarding the legibility of their spending habits and contract lengths. For example, one of their most lucrative deals, Mykhailo Mudryk, is spreading his transfer fee over the next 8 seasons, significantly lowering annual costs and financial measures to protect against FFP violations. Fernandez, Benoit Badiashile, Noni Madueke, and summer signing Wesley Fofana are under similar belts. While this amortization can produce a boomerang effect, Todd Boehly and his super-team are ready to take the risk. The only fault with this is performance; if these players fall short of expectations, then not only are Chelsea forced to pay the full transfer fee upon selling said player, but it would also impact overall squad depth and performance.
While some clubs spread their spending of this caliber across three or four seasons, Chelsea is effectively precisely doing that financially, except it is through one season. While the receipts would (correctly) state that over $600m was spent, and it certainly will be, the cumulative reports from summer 2022 and January 2023 would tell a different story due to the enactment of installments and the looping around of UEFA’s stringent FFP regulations.
The average age of their signings would also be a significant factor; in the Todd Boehly era, it has been a mere 23 due to the compulsive pertinence towards the future. The American might be seeking his new Lampard, Drogba, and Eden Hazard, if only their figurative-alike replacements had a few more senior appearances.
The author is an aspiring journalist currently studying at Michigan State University.
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