One year on from a drama-filled few weeks of Premier League clubs trying to remain compliant with profitability and sustainability rules (PSRs) in the wake of point deduction threats, Chelsea have had a much calmer June. As it turns out, they were not worrying anyway.
Many were left confused as to how Chelsea would balance their books after yet another big spending summer but it turned out that they had sold their women's team to themselves in a strategic repositioning. There are benefits outside of remaining on the right side of the PSR limits, but the analysis was understandably mostly cynical.
After all, this was a short while after Chelsea had confirmed that they had sold hotel buildings to themselves for £75million (which is only pocket change compared to the £200million-plus valuation of CFCW) in an aid to their 2023 accounts.
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Last summer the focus was on moving away academy players to bank the pure profit. A deal with Aston Villa for Ian Maatsen worth £37.5million was completed whilst Omari Kellyman went the other way for an inflated price of £19million.
Chelsea were open to selling Trevoh Chalobah and tried to force him out, whilst Omari Hutchinson was sold to Ipswich Town later on. Conor Gallagher ended up being used in another financial ploy that saw Joao Felix eventually make the switch.
In the end, Chelsea didn't need all of that leeway because the women's team sale gave them plenty of legroom. The profit they have for 2023/24 will roll over for another two years with total allowed losses of £105million.
There are exceptions made for investments into the academy and foundation. It is essentially a revenue-transfer spend and wage calculation.
Now that the June 30 deadline has again passed, more teams will come out and start to do business. Aston Villa have again found themselves in need of snookers and had to sell their own women's team in some late number-crunching trickery.
Newcastle United, Everton, Nottingham Forest, and Manchester United have been among the other most wary clubs. Chelsea, for once, have not had to worry too much.
They know that they now have Champions League qualification money, Conference League prize money (which is absolutely tiny, comparatively), and Club World Cup prize money all to boost their position. A front-of-shirt sponsor would also be a welcome addition.
When it comes to the spending, after Liam Delap's arrival from Ipswich for £30million, Chelsea have continued to be aggressive in the market. Deals for Jamie Gittens and Joao Pedro have been agreed. That will take the summer spending up to £140million before considering Mamadou Sarr and Dario Essugo (a combined £36million) have also joined after agreeing moves earlier this year.
Gittens and Pedro are yet to be announced but the understanding is that it is just formalities being finalised now. Chelsea will not be done there.
Nicolas Jackson and Noni Madueke face uncertain futures with their positions impacting whether another push for Mohammed Kudus, Alejandro Garnacho, or Hugo Ekitike is made. In defence, Chelsea have continued to look for new centre-backs and also have no cover for Marc Cucurella on the left.
Sales will offset this as Chelsea look to bring in money for Christopher Nkunku, Felix, Raheem Sterling, Carney Chukwuemeka, Djordje Petrovic, Ben Chilwell, and Armando Broja among others. Any transfers out will go onto the 2025/26 financial year and therefore aid Chelsea from today (July 1) until June 30, 2026.
Nkunku, Felix, and Sterling are arguably the biggest three as they are all impacted tangibly by the attackers coming in. Then, we will undoubtedly be having the same conversation about PSR margins and what is necessary. The game goes on.