Is Chelsea’s Massive Transfer Spending a Sustainable Move?

Chelsea’s era under former owner Roman Abramovich is not just remembered for a plethora of silverware and global success on (and off) the pitch. The 21 titles collected under the Russian oligarch’s 19-year ownership is something Blues faithfuls will hold dear to their hearts.

It’s, however, the players purchased in that time that leaves the most lasting memories. From the likes of Didier Drogba to Michael Essien, Eden Hazard, Ashley Cole, Petr Cech and many more, these names were responsible for making Chelsea a dominant force under Abramovich.

The Abramovich era is now history after he was forced to sell the club last year, following his close connections with Russian president Vladimir Putin in the wake of Russia’s invasion of Ukraine, which is still ongoing after 11 months. Chelsea is now under the ownership of American sports tycoon Todd Boehly, who led a consortium in successfully purchasing the Stamford Bridge outfit for $5.4 billion in May 2022.

Things are very different in West London under Boehly, first beginning with the manager. Former Brighton boss Graham Potter is in charge and this is a different norm from the Abramovich era where each manager chosen had a track record of winning titles. He began with Jose Mourinho, who had won the Champions League with Porto in 2004, and ended with Thomas Tuchel, who was a Ligue 1 champion and Champions League runner-up with Paris Saint-Germain in 2020.

Potter has no such pedigree, having managed at Ostersunds in Sweden and Welsh side Swansea City before moving to Brighton. The 47 year-old does however possess a respectable reputation in England, with his attacking and possession-oriented style of play. Indeed, it won admirers during his time at Brighton as the Seagulls became a more eye-catching side, attaining huge results against the top sides in the Premier League. The footprint of Potter still remains at Brighton under the tutelage of new coach, Roberto De Zerbi. 

Potter (thus far) has been far from able to implement such a style at Chelsea, and it has led to mixed results on the pitch, where the Blues currently sit in 10th position on the Premier League table. Chelsea are currently 10 points away from the top four and 21 points away from leaders and fierce London rivals Arsenal.

While Chelsea might be struggling on the pitch under their new ownership, they’ve gone about doing something different than any other top club in Europe; they’re signing lots of players for exorbitant fees.

Since Boehly’s takeover in May ‘22, the Blues have purchased 19 players to the tune of almost $500 million. Some of the players include Raheem Sterling ($59 million), Marc Cucurella ($70 million), Wesley Fofana ($86 million), Mykhailo Mudryk ($77 million) and Joao Felix ($12 million loan fee). In the January transfer window alone, six players have been purchased, taking Chelsea’s overall spend in the winter to almost $175 million. That’s more than any of Europe’s other top five leagues have spent in this same January transfer window (Spanish La Liga – $26 million), (Italian Serie A – $13 million), (German Bundesliga – $54 million), (French Ligue 1 – $38 million). The Premier League of course tops them all with a transfer spend of $508 million of which Chelsea (unsurprisingly) are the biggest spenders.

With less than five days left until the end of the transfer window, Chelsea don’t seem to be done with their dealings, with players like World Cup winner and Benfica midfielder Enzo Fernandez on Boehly’s mind. Valued at $130 million, Fernandez’s Portuguese side are not willing to settle for less. Brighton and Ecuador midfielder Moises Caicedo isanother player with interest from the Blues, likewise Lyon’s young French right-back, Malo Gusto.

Boehly can be praised for pumping so much money into player acquisition. Any Chelsea fan will say this tactic is desperately needed, especially in a bid to solve their goalscoring problems which have been evident since the time of former player and legend Frank Lampard. However questions need to be raised on whether the manner in which Chelsea are going for players is the right approach and whether it will yield the desired results.

Again, Boehly can be praised for structuring the deals in such a way that transfer payments are not outright but spread throughout the duration of the contract. Also, some of the players have been given lengthy contracts in excess of five years, scheming which allows Chelsea to escape Financial Fair Play penalties. European football governing body UEFA is however set to impose a five-year limit on contracts to clamp down on the loophole.

Is it a wise decision to buy so many players in one season when others haven’t been let go? If there were multiple departures, it would make sense to buy replacements. In Chelsea’s case, it’s a matter of a couple of players being surplus to requirements due to poor form, while some others have too many recurring injuries which has an impact on their fitness and overall form. Some of the players in this category include Romelu Lukaku, TiemoueBakayoko, Callum Hudson-Odoi, Ruben Loftus-Cheek, Aubameyang, Christian Pulisic, Hakim Ziyech and Kai Havertz. 

Chelsea really need to clear a lot of underperforming players but that won’t come easy as it will depend on the interest for the player and the fee Chelsea is willing to collect. It thus puts the Blues in a very difficult situation where non-interest in the player means potentially staying back, leaving the club bloated, on a large wage bill, with the accounts in red.

On the other side, Chelsea might be lucky enough to get good offers for whichever player they are willing to offload. They have a history of making good money from their sales of outcasts such as Tammy Abraham ($45 million), FikayoTomori ($33 million), Kurt Zouma ($39 million), Marc Guehi($26 million), Timo Werner ($31 million) and more. 

In the end, Chelsea have chosen a very risky approach to transfer business. It would have been much more prudent for the club to have bought a few players season after season while gradually easing off the deadwood. That’s what the likes of Pep Guardiola and Jurgen Klopp did at Manchester City and Liverpool with eventual success coming. 

Too many signings creates the potential problem of the new players not settling or gelling with the rest of the team  intime or not living up to expectations and that could frustrate the manager’s plans, putting him under more pressure and scrutiny. It will also question the club’s decision to give lengthy contracts.

Chelsea are ready to go the long route and stick with Potter for the foreseeable future. It’s another different approach from the Abramovich years where no manager spent more than three seasons and was sacked at the slightest run of poor results.

There’s patience and enough time now. Only that same time will tell whether the direction the Blues have decided to take will yield the desired result in the end. Or will it turn out to be a torrid run, concluding with fans wishing for a return to the Abramovich era? 

Chelsea’s January 2023 transfer spend compared to other top European leagues (Source: Transfermarkt)