Chelsea suffered their sixth consecutive Premier League defeat last weekend, losing 3-1 to Nottingham Forest. This marks the first time since November 1993 that the club has endured such a streak. Only a stunning stoppage-time goal from João Pedro prevented them from going six straight losses without scoring. The West London side now sits ninth in the table, mathematically unable to secure a Champions League spot. In fact, finishing in the top half is becoming increasingly unlikely.
Given the astronomical spending seen at Chelsea in recent years, this season can once again be considered a monumental failure. As illustrated in the chart above, since the start of the 2022/23 season, when BlueCo and owner Todd Boehly took over, the Blues have spent a staggering €1.7 billion on players. That is over €700 million more than second-placed Paris Saint-Germain (€969 million). Such figures should guarantee at least competing for the title or, at a minimum, securing Champions League qualification every season. Yet for Chelsea, that seems far away, and significant gaps remain in their squad.
At Transfermarkt, we have analyzed all 48 transfers made since Boehly arrived at Stamford Bridge. While a select few have undoubtedly been successes and provided value for money, this “shotgun approach” fails entirely from a footballing perspective. Combined with a similar ideology regarding manager changes, Chelsea now finds itself with a disjointed team. Below, you can review all the transfers.
**Chelsea’s Transfers Under Todd Boehly Analyzed**
Chelsea has broken the €100 million mark twice since Boehly’s arrival: Enzo Fernández was signed for €121 million, while his midfield partner Moisés Caicedo cost €116 million. Although both players have developed into solid Premier League midfielders, their price tags still raise questions. Caicedo’s current market value is €110 million, while Fernández stands at €90 million.
Defender Wesley Fofana’s €80.2 million transfer has largely been derailed by injuries, while Mykhaylo Mudryk’s €70 million move has become a complete disaster (the Ukrainian recently received a four-year ban for failing a doping test, ed.). Among the remaining 44 transfers, there are certainly success stories. Cole Palmer was signed for just €47 million and now has a market value of €110 million, though it is likely to drop in the next update. João Pedro, following his €64 million transfer, has contributed 23 goals in the Premier League in his first season at the club. Andrey Santos was brought in from Brazil for just €12.5 million and is now worth €45 million.
These few “success stories” may have worked out from a business perspective, but they offer little solace to frustrated Chelsea fans, who feel their club is being used as a conveyor belt to develop talent and sell at a profit, rather than a team built to compete and win at the highest level. Stamford Bridge is becoming increasingly soulless. The Blues have also had seven permanent managers in the four years since the new owners took over. A lack of consistency, a lack of patience to see a vision through, and a lack of competence at board level have left Chelsea in a state of mediocrity.
