When Clearlake and Todd Boehly bought Chelsea in 2022, they probably aspired to break some records.
Their supposed ambitions of domestic dominance with 100-point teams, a flourishing squad full of elite young talent, and a harmonious coaching setup were likely what they believed would lead to those milestones.
Unwelcome Records
Unfortunately, this era of Chelsea is becoming defined by record-breaking feats of the unwelcome kind. Chelsea have recorded the highest pre-tax loss in a single season. The staggering $460m figure is second only to Barcelona in recorded history, and a high for England.
This year’s list sees both Chelsea and sister club Strasbourg in the top 10 — a development that only heightens long-standing fears within an already cynical fanbase. However much stock you place in these numbers, they undeniably ramp up the pressure on Liam Rosenior and his players as they embark on a run of fixtures that will decide their fate.
While a Club World Cup rematch with PSG awaits in the Champions League last 16, the bigger risk to Chelsea is failing to maintain their status in Europe’s top tier by finishing outside the Premier League’s top five. The financial ramifications of missing out on Champions League football are undeniable, particularly given the other structural issues that have contributed to this deficit.
The absence of a lucrative front-of-shirt sponsor has become a long-running joke among fans. Selling off the women’s team and hotels has previously been used as a pressure valve, raising the question of what lever could be pulled next if the worst happens.
Bluntly put, the reality of Chelsea lagging on the pitch will only end one way — selling their biggest assets.
Winning is key to keeping your elite
It should come as little surprise that recent reports suggest some of Chelsea’s biggest stars are growing restless over their current situations. The lengthy contracts were always contingent on elite results arriving on the pitch.
Moisés Caicedo and Enzo Fernández are tied down to long-term deals, but they’re also top players performing at a high level right now.
They will notice how their peers are compensated at other elite clubs. They will consider what they could earn — and achieve — elsewhere if Chelsea are not competing for the Premier League or the Champions League. This was inevitable and has always been the simple reality of the modern game.
Top players do not have the luxury of waiting for a long-term project that may or may not come to fruition years down the line. Careers are finite and fragile; they can be derailed by the wrong transfer, a serious injury, or a dip in form. The era of the one-club man is likely over. While supporters may form strong connections with players, few will feel an unbreakable bond to Chelsea if the club is failing to match their ambitions.
Even club captain Reece James’ contract situation should provoke concern. Given the high wages he was awarded before Paul Winstanley and Laurence Stewart arrived, will the current sporting directors and hierarchy be willing to match or exceed his existing terms?
No silverware = big problems
The Chelsea of the previous era was able to retain its biggest stars and extract the best years of their careers because the club was ultra-competitive for major honours every season. Despite the consistent chaos of the Roman Abramovich era, players knew that if they stayed, silverware was highly likely.
This era cannot offer the same guarantee. Chelsea are on course to finish even further behind the eventual champions this season. Failure to win the FA Cup would extend their run without domestic silverware to eight years.
While the financial results could be eased by a strong end to the season, they should not be dismissed as a non-story. Chelsea need results — and soon — because if they do not deliver, the club will be forced into decisions it would rather avoid.
You can follow my coverage of Chelsea on YouTube at SonOfChelsea. More written coverage of the club on Substack. Follow me on X for more thoughts, along with listening to the podcast.
