Todd Boehly and Clearlake Capital’s player trading strategy has been heavily questioned during their time at Chelsea, but it appears the big-spending strategy is starting to pay off.
Enzo Maresca’s side’s 2-1 win over Brentford on Sunday was their 10th in a row with defeat and shored up their position in 2nd place in the Premier League table.
Besides academy graduate Levi Colwill, none of the 12 players who featured in the clash were Chelsea players before the Clearlake-Boehly takeover in May 2022.
The owners have spent almost £1.5bn on new signings during their time in West London.
They have generated hundreds of millions in player sales too, but that does not come close to offsetting the amortisation bill they have racked up.
Trepidation about Chelsea’s status under the Premier League’s Profit and Sustainability Rules (PSR) and UEFA’s Financial Sustainability Regulations (FSR) has naturally followed.
An infographic explaining how PSR (Profit and Sustainability Rules) work in the Premier League and UEFA
The official line from the club, which they hammered home in their most recent set of annual financial results, is that they continue to comply with both sets of rules.
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As far as the Premier League system is concerned, Chelsea’s situation is relatively favourable thanks to the PSR-busting sale of two hotels at Stamford Bridge to a BlueCo-owned company.
That carved out around £76m of breathing space and the sale of the women’s team via a similar method, although unconfirmed, could generate another £150m.
However, UEFA does not recognise those sales for the purposes of their spending regulations – so compliance there could be more tricky.
Head Coach Enzo Maresca of Chelsea during a press conference at Chelsea Training Ground on December 6, 2024 in Cobham, England.
Photo by Darren Walsh/Chelsea FC via Getty Images
Meanwhile, Maresca – who was appointed at least in part because of his ability to develop players and increase their value – would like to strengthen in January to capitalise on momentum on the pitch.
Chelsea are in the title race, despite what the Italian might say in public. But can they afford to spend more in the mid-season transfer window without falling foul of PSR’s enforcers?
According to the latest reports, it could be tough.
Chelsea on course to break Man City wage bill record
Chelsea have regularly briefed journalists that they have cut their average weekly wage to around £60,000 per week.
That may be true, but performance-related bonuses, image rights, and a whole host of other considerations means that is essentially immaterial as far as PSR is concerned.
In 2022-23, which is the last financial year for which Chelsea have published accounts, shows that the Blues spent an astonishing £404m on player remuneration.
Screenshot of Chelsea's accounts for 2022-23, which shows wage expenditure of £404m
Now, a report in The Times suggests that Boehly and Clearlake could be about to set a new Premier League record for wages paid out in a single season.
Reigning champions Manchester City are in freefall, but their recently published accounts showed that they are in rude financial health, with revenue of £715m and a profit of £73.8m.
The books show also that they spent £412m on wages, which was down on a Premier League-record £423m in the previous, treble-winning season.
A detailed view of a golden Premier League logo is seen on a Manchester City kit prior to the Premier League match between Manchester City FC and I...
Photo by Michael Regan/Getty Images
The Times reports details how Chelsea may well now overtake that figure and reclaim the status of having the Premier League’s biggest wage for 2023-24.
Chelsea will publish their accounts for last season in the first quarter of next year.
The players Chelsea could sell in January to slash wage bill
It is no secret that after a blitz of signings in the last two years, Chelsea are looking to trim the fat and recoup some of their enormous expenditure.
It has been known for some time that £200,000-a-week Ben Chilwell is surplus to requirements at Stamford Bridge.
A general view of Chelsea branding, seen outside the stadium prior to the Barclays Women's Super League match between Chelsea and Manchester United...
Photo by James Fearn/Getty Images
Now, fresh reports are suggesting that two more players on big wages – Carney Chukwuemeka and Cesare Casadei – could also be sacrificed as the owners cut back the mammoth wage bill.
Axel Disasi meanwhile is being targeted for a loan move by West Ham, which would temporarily relieve some PSR burden for the Blues.
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