(CNN) “We’re all in – 100 per cent,” US billionaire businessman Todd Boehly told Chelsea fans upon his arrival at the club in May 2022.
Almost a year later, it’s safe to say the American has kept his word – albeit at a cost.
The 49-year-old said his consortium will ‘attract the best talent’ and ‘invest in the club for the long term’.
Along with Clearlake Capital, the investment fund involved in the acquisition, Boehly did just that — funded over $600 million in transfers — but as a businessman, you probably expect some return on your investment.
Except that Boehly — a shareholder in the Los Angeles Dodgers, Los Angeles Lakers, and Los Angeles Sparks — quickly finds that the business of football is tricky to master.
In a season that has at times turned from tragedy to farce – Chelsea have had four managers that season – the club have absolutely nothing to show for results on the pitch.
Following the Blues’ 4-0 aggregate loss to Real Madrid in the Champions League quarter-finals, Chelsea have been eliminated from all cup competitions and, as lingers in mid-table of the Premier League, have no chance of playing in European football next season, which can be very financial lucrative.
After the defeat by Real, interim head coach Frank Lampard said he “won’t let anyone off the hook when it comes to seeing this season through”, but the club’s supporters could be forgiven if their attentions are already on next season is directed.
Chelsea were eliminated from the Champions League after losing 4-0 on aggregate to Real Madrid.
“We have to stop”
Chelsea were previously owned by Russian oligarch Roman Abramovich, who put the club up for sale in early March 2022 following the Russian invasion of Ukraine, saying at the time it was “in the best interests of the club”.
In May, the UK government added Abramovich to its list of sanctioned individuals as part of its efforts to “isolate” Russian President Vladimir Putin.
Under the current regime, Chelsea have pursued a policy of spend, spend, spend and while this could show the financial commitment of Boehly and co-owner Behdad Eghbali to the cause, the huge spending has not yielded immediate dividends and has created a number of short-term and possibly long-term problems.
Chelsea’s squad has grown by leaps and bounds over the past year and not only has this created an unwanted selection headache for the various managers, it has also required changes to be made at the club to accommodate the surplus talent.
In the January transfer window, a month in which it was notoriously difficult to get big deals across the line, Chelsea broke all convention and spent big – a lot.
The club landed Enzo Fernández in a record-breaking British $132m deal, as well as Mykhailo Mudryk, Benoît Badiashile, Noni Madueke, Malo Gusto, Andrey Santos and David Datro Fofana, with João Félix also on loan.
After the Real Madrid defeat, Chelsea captain Thiago Silva spoke frankly to reporters about the problems that come with this type of spending.
The veteran defender said: “I think the first step was made, a wrong step but it was made. We can’t blame the managers if we don’t take responsibility. It’s a tough time for the club a lot of indecisiveness.
“Change of ownership, new players coming – we had to enlarge the dressing room because it didn’t match the size of the squad.”
The Blues have struggled in all competitions this season.
Jokes have long been rife on social media about the size of Chelsea’s squad this season and a player so open about the troubles shows fans aren’t too far off the mark in their assessments.
The Brazilian then spoke about the mentality of the players affected by the swollen squad.
“One positive point is that there are great players in the squad, but on the other hand there are always players who will be unhappy. There will always be someone upset because not everyone can play. The manager can only choose 11 out of a squad of over 30 – that’s tough.
“Some don’t make the squad, we signed eight in January, we have to stop and strategize or we could make the same mistakes next season.”
Chelsea declined to comment when contacted by CNN Sport.
A potential problem for Chelsea is that many newcomers have signed long-term deals.
“It’s a very risky strategy because what happens if these players turn out to be duds?” Financial football expert Kieran Maguire told CNN Sport earlier this year.
“They then commit to paying the players’ salaries over that six, seven, eight year period.”
Maguire continued: “Chelsea are usually in the top three, certainly in the top four, in wage commitments for Premier League clubs.”
With ongoing problems on the pitch, Chelsea must find a way to defer those wages, but Maguire said that could prove difficult.
“So it’s going to be quite a challenge to find another club willing to take the player out of Chelsea’s hands and pay him compensation that the player is happy with.”
The comings and goings of managers
Boehly’s management began with Thomas Tuchel in charge, then Graham Potter came and went, Bruno Saltor taking over for one game before Lampard rejoined the club on a temporary basis. Lampard’s tenure has been nothing short of disastrous – Chelsea have played four games and lost them all.
Aside from Saltor’s one responsible play, each manager clearly had different ideologies and principles that they tried to implement, but Boehly’s patience seemed to dwindle when things didn’t go according to plan.
Boehly’s next managerial appointment will be crucial in defining how his time at Chelsea is defined and another disappointment could lead to further fan concern – Boehly was confronted by Chelsea fans after the side’s 2-1 home defeat to Brighton.
Chelsea have temporarily signed Frank Lampard as head coach.
problems on the pitch
The managerial carousel was accompanied by dizzying contradictions on the pitch.
Apart from Kai Havertz and Marc Cucurella, no Chelsea outfield player has played more than 20 Premier League games this season.
Five signings this season have warmed the bench in the must-win game against Real Madrid, including star players João Félix and Raheem Sterling and big-money new signing Mudryk. Also joining the signings were Hakim Ziyech, Christian Pulisic and Mason Mount.
For Chelsea to even come close to matching their former form, their next manager will need to find some consistency in team selection and a way to keep big players happy while they’re on the sidelines.
Mykhailo Mudryk is one of Chelsea’s difficult signings.
Football is a simple game when boiled down to its purest form: whoever scores more goals wins – and that might help explain Chelsea’s struggles.
The Blues are on course to have the lowest-scoring season in Premier League history with their current 30 goals. The club’s current goals-low for a single season is 46 and with games running out Lampard’s side will struggle to match that.
This makes Chelsea’s spending even more confusing as the signings of Pierre-Emerick Aubameyang and David Datro Fofana are not currently in the side’s plans and Kai Havertz acts as a makeshift centre-forward.
With goals elusive and results not looking like improving anytime soon, Boehly and Eghbali may need to continue making waves in the Chelsea dressing room until performances pick up again.