From the moment they arrived at the club in 2024, it was obvious that BlueCo had ambitions for Chelsea that branched out far beyond West London.
As the members of the consortium include Todd Boehly and Mark Walter, who have invested in several of the biggest sports teams in the world in the United States, the Chelsea ownership understands the power of owning multiple assets.
Clearlake Capital do too, which is why – although they have not yet pulled the trigger – the private equity firm has been linked with many takeovers besides their investment at Stamford Bridge.
Having outposts in different sports and locations allows you to share costs and resources, develop a wider commercial footprint and hedge financial risk.
Diagram illustrating the ownership of Chelsea, split between factions led by Todd Boehly and Behdad Eghbali's Clearlake Capital
Chelsea ownership diagram Credit: Adam Williams/GRV Media/The Chelsea Chronicle
However, what BlueCo are doing with Strasbourg is something else entirely.
The Ligue 1 side, a historic French team in their own right, are very clearly the junior partner in the relationship. That’s why fans have protested despite progress in terms of results under BlueCo.
Players are moved around like betting chips in the BlueCo group, usually to the ultimate benefit of Chelsea. This isn’t a partnership of equals, much like Manchester City are quite clearly the mothership in the City Football Group multi-club network.
And in the latest news on the multi-club front, it appears that BlueCo’s interest in acquiring a Brazilian club to help feed the machine at Stamford Bridge is as strong as ever.
Reports from South America suggest that Behdad Eghbali has met with representatives of Santos to discuss investing in the club, though it was stressed that talks are still at an early stage.
Santos badge on corner flag
Photo by Ricardo Moreira/Getty Images
The cradle from which superstars like Pele, Neymar and Robinho emerged, Santos are arguably Brazil’s biggest and best-known club, with eight domestic championships and three Copa Libertadores to their name.
And it seems like the Brazil-to-Europe pipeline is the motivation behind the would-be deal. Chelsea’s owners have held talks about investing in Sporting Lisbon for similar reasons, with the Portuguese club a regular conduit for South American talent coming across the Atlantic for the first time.
Looking at their strategy more broadly, it appears that Chelsea also want to turn player trading into a fourth primary revenue stream alongside commercial, matchday and TV income.
Profit on player sales is usually considered ‘low-quality’ income by finance pros because it is unpredictable and fluctuates from one season to the next.
But the volume with which Chelsea are buying and selling players suggests that they want to almost industrialise the process.
“You only have to look at the indoor and the outdoor at Chelsea’s player trading model to see how critical it is,” Liverpool University football finance lecturer Kieran Maguire said in exclusive conversation with The Chelsea Chronicle.
Chelsea co-owner Todd Boehly looks on at Stamford Bridge
Photo by Robin Jones/Getty Images
“Chelsea don’t get enough credit for their ability to monetise player inventory. They have taken advantage of the Elite Player Performance Plan more than any other club since it was introduced. They have acquired young players and sold them at a profit domestically.
“They want to replicate that on a global scale. Brazil is universally seen as one of the South American countries where this can be achieved.
“That said, it is a complicated place to invest. You have a further issue because of global restraints on recruiting players under 18, having a relationship with a club like Santos is one way of addressing it.”