Chelsea have put together the most costly squad ever assembled in football, according to an annual finance report published by UEFA.
The combined transfer cost of €1.656billion (£1.39billion) places the Blues at the top of the spending charts when it comes to putting together a playing squad, with the figure far surpassing second placed Manchester City, whose squad cost came out at €1.294billion (£1.09billion).
Ever since the acquisition of the club by a consortium led by US billionaire Todd Boehly and private equity firm Clearlake Capital, Chelsea have spent heavily in the market as part of a longer term strategy, with the club breaking the British transfer record twice in the space of 12 months with the acquisitions of Enzo Fernandez for £105million from Benfica, and Moises Caicedo for £115million from Brighton & Hove Albion.
Other major outlays for players have included the signings of Mykhailo Mudryk, Marc Cucurella, Wesley Fofana, Romeo Lavia, Christopher Nkunku and Pedro Neto, among others, with the club having initially made use of regulation that allowed them to amortise the cost of transfer fees over eight and nine years before UEFA and the Premier League moved to cap amortisation at five years.
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Despite the heavy spending, success has so far eluded Chelsea under the Boehly/Clearlake regime, with the club having already gone through Thomas Tuchel and Mauricio Pochettino as bosses, with Enzo Maresca currently the man in the Stamford Bridge dugout.
The Blues, Champions League winners in 2021, have failed to make the top four in the Premier League for the past two seasons and face a battle to secure a Champions League place for next season with 11 games to go and sitting in fifth spot.
Other clubs to feature in the top five of the UEFA list, which was part of the annual European Club Finance and Investment Landscape Report, were Manchester United in third (£920million), Arsenal in fourth (£860million) and Real Madrid in fifth (£775.9million).
Boehly, speaking at the Financial Times Business of Football Summit in London last week, was quizzed on the Chelsea strategy and addressed some of the criticism that had come his way in recent months from sections of the club’s support.
“The sooner you learn you are not going to keep all the people happy all the time, the freedom shows up,” he said.
"We are just trying to execute a plan and recognise things aren't linear, and we are trending in the right direction. The trend is moving in the right direction and that's the thing that really matters.
"In June, it will be three years in charge. That's not a lot of time, especially when you get to 50, 60 or 70 years old in life. It's a whirlwind of activity and steep learning curve, but I think that's also a good thing.
“We have agreed on a strategy and a way forward and stuff is getting done. And I don't look in the rear-view mirror.
“"The most misunderstood thing is we are thinking about measuring success in years. You have to think both short and long term. We are focused on the combination on both those things and seeking the best way to execute. It is a balancing act.
"Strikers are hard to find. You don't go into the grocery store and say, 'I am going to get a striker'. It is an amazing skillset and you have to have the right mentality."