Joe Cole, a former Chelsea star, has given a harsh review of the club’s direction under Todd Boehly and Clearlake Capital. He wonders if the ownership’s long-term plan is fundamentally flawed. Chelsea have spent a lot of money on players since the consortium took over almost four years ago, but they are currently sixth in the Premier League with 48 points and are almost certain to be knocked out of the Champions League after PSG beat them 5-2 in the first leg of their last-16 tie at the Parc des Princes.
Cole, who won three Premier League titles in seven seasons at Stamford Bridge, is very worried about the way the club have spent an incredible £1.5 billion and gone through several head coaches since the takeover was finished in May 2022. Thomas Tuchel, Graham Potter, interim manager Frank Lampard, Mauricio Pochettino, and Enzo Maresca are among the managers who have left since the new management took over. Liam Rosenior is now in charge.
Cole, as a pundit, said:
“The fans are not happy. Since the takeover, they’ve spent £1.5bn. They’ve posted massive losses. They are 4 years into a 5-year plan. It looks like, barring a miracle, they will be out of the Champions League. We need to talk about the strategy, the plan and where the club is going.”
Cole also criticised the data-driven hiring philosophy, saying it doesn’t have the subtlety needed for long-term success at the highest levels.
“This model of buy young, develop, and put value on. I thought to myself it sounds like buy and sell. Buy loads of players at 21, they will come into their prime at 25, and the average age of a Premier League-winning side is 27. Logically, buy them at 21, 22 or 23. Seven-year deals, average age, develop, by the time they are 27, but it seems too data-driven, structured, without the nuance of having senior players, how important that is, the culture, getting fans onside.”
The former England international compared the current mess to the clarity of the Roman Abramovich era, when the mission was clear no matter what was going on behind the scenes.
“For all of the chaos of Abramovich’s exit, the plan was always clear. Buy the best players, get the best managers, win every trophy. If they lose games, managers were gone, players were gone, and everyone knew what was going to happen.”
“Clearlake have come in and gone, this is too structured, we’re going to try a new long-term plan. The first alarm bell to me is the number of managers sacked. That tells me that it isn’t long-term thinking; it can’t be. If it’s long-term, you stick with a manager.”
Chelsea Face Champions League Exit as PSG Loom at Stamford Bridge
Cole’s worries about the Champions League seem especially relevant tonight, as Chelsea play PSG in the second leg of their last-16 tie, where they are down 5-2 on aggregate. Chelsea have lost their last three knockout games in the Champions League, but they have never lost four in a row. In the past, only four out of 51 teams have come back from a three-goal deficit in the first leg of the competition.
The Blues haven’t won at home in any competition since 31 January, which makes the huge task ahead seem even harder. The club is three points behind the top four in the Premier League. If they lose tonight, it will only add to the growing criticism of the Clearlake project.