Introduction

Since Todd Boehly and Clearlake Capital took over Chelsea, the club's transfer strategy has been anything but consistent. With over €1.62 billion spent on new players, the question remains: what is the actual plan?

The Three Phases of Boehly's Ownership

1. The Summer and Winter of Todd (2022-2023)

   • Key Signings: Raheem Sterling, Kalidou Koulibaly, Mykhailo Mudryk, Pierre-Emerick Aubameyang
   • Outcome: Despite spending €630 million, Chelsea finished in the bottom half of the Premier League.

2. The Youth Movement (Summer 2023)

   • Key Signings: Cole Palmer, Moisés Caicedo
   • Outcome: Chelsea finished sixth in the Premier League.

3. The Experienced Youngsters (Summer 2024)

   • Key Signings: João Félix, Kiernan Dewsbury-Hall
   • Outcome: Won the UEFA Conference League and finished fourth in the Premier League.

The Current Summer Window

Chelsea's recent signings include:

• Liam Delap: €35.5 million from Ipswich Town
• João Pedro: €63.7 million from Brighton
• Jamie Gittens: €64.3 million from Borussia Dortmund

Analysis

None of these signings significantly raise Chelsea's ceiling. The club's strategy seems to focus on acquiring players with potential rather than proven talent.

The Bigger Picture

Chelsea's financial engineering, including seven-year contracts and the use of Strasbourg as a feeder club, has allowed them to spend heavily without immediate financial repercussions. However, the lack of a clear competitive strategy raises questions about the long-term vision.

Conclusion

Three years into Boehly's ownership, Chelsea's transfer strategy remains incoherent. Without a clear plan to improve on-field performance, the club risks falling further behind its Premier League rivals.