From the moment Todd Boehly, Behdad Eghbali and the other consortium members who bought the club arrived at Chelsea in May 2022, it was clear they didn’t plan on being conventional owners.
Aside from the monumental transfer spending – over £1.2bn worth of it to date – there have been almost countless changes behind the scenes at every level and in every department.
At one point, Boehly even appointed himself as Chelsea’s interim sporting director, although Paul Winstanley and Laurence Stewart have since taken over in an unorthodox dual role.
Diagram illustrating the ownership of Chelsea, split between factions led by Todd Boehly and Behdad Eghbali
Even the appointment of tracksuit manager Enzo Maresca, although it has yielded much improved results this season, was seen as left-field given his relatively short CV.
But that decision itself was indicative of ownership’s long-termism, with player development just one area among many that is being targeted to dramatically engorge revenues.
Chelsea’s owners have also committed to spending billions on either redeveloping Stamford Bridge or building a new stadium altogether, although that is a point of contention between Eghbali and Boehly.
Chelsea Co Owners Behdad Eghbali, Todd Boehly during the Premier League match between West Ham United FC and Chelsea FC at London Stadium on Septem...
Photo by Crystal Pix/MB Media/Getty Images
When the takeover that ended the Roman Abramovich era went through, noises immediately came from Chelsea that suggested that the regime were not happy with the operation they had inherited.
On the commercial front, Boehly was said to be astonished at the club’s relatively modes income from sponsorship and the depth of their partnerships inventory.
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Of total revenues of £512m in the last recorded financial year, Chelsea earned £210m in commercial income in 2022-23, the last financial year on record.
Infographic showing Chelsea's revenue in recent years and the breakdown between commercial matchday and media income.
However, under the Boehly-Eghbali axis, there has been one area where they have gone backwards commercially.
For the second season running, Chelsea have started the season without a front-of-shirt sponsor. In 2024-25, the situation has gone on even longer than it did the previous campaign.
But with over three months of the season already elapsed, the latest news from the football finance ecosystem might indicate that there could be movement on this front soon.
When Chelsea appointed Todd Kline as their new chief commercial officer earlier this month, it was clear that securing a long-term front-of-shirt partner was top of the former Tottenham executive’s agenda.
Chelsea want a £60m-a-year deal, ideally over 10 years. That is £600m of revenue that would transform the club’s financial forecast.
In September, Chelsea held talks with Riyadh Air, the soon-to-be official flag carrier of Saudi Arabia that is set for launch in spring 2025.
Cole Palmer of Chelsea during the Premier League match between Manchester United FC and Chelsea FC at Old Trafford on November 03, 2024 in Manchest...
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Those negotiations, which were accompanies by similar talks with Turkish Airlines and Qatar Airways, appeared to come to nothing.
And when Riyadh Air signed a historic stadium naming rights deal with Atletico Madrid, many analysts suggested that this ruled out a deal with another big-name European club in Chelsea.
However, a new report from Middle East business experts AGBI claims that Riyadh Air will continue to strike sports sponsorship deals on mass as it prepares for lift-off.
Some have suggested that Chelsea’s £60m asking price is simply too high.
Alternatively, Man City’s challenge to the Premier League’s Associated Party Transaction Rules – which was supported by Chelsea – has also been cited as a potential explanation for the commercial stasis.
Infographic explaining the Premier League's APT rules (Associated Party Transaction)
Chelsea’s absence from the Champions League will also not have strengthened their hand in negotiations, although performance-related step-up clauses would presumably be included in any deal the Blues sign.
Ultimately, there are probably a number of factors at play.
But with PSR (Profit and Sustainability Rules) still a concern for Chelsea, they cannot afford to forego an income stream that would probably account for around 10 per cent of their annual revenue.
An infographic explaining how PSR (Profit and Sustainability Rules) work in the Premier League and UEFA
Chelsea have so far escaped the clutches of the PSR enforcers thanks to some clever accountancy, but that grace will not last forever.
To sustain their wage and amortisation bill, revenue needs to rise. Sponsorship is a factor in that.
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