Todd Boehly defends Chelsea spending as PSR sanctions loom
Chelsea co-controlling owner Todd Boehly has defended Clearlake Consortium’s shelling of over £1billion since their arrival at Stamford Bridge in May 2022.
Chelsea broke their transfer records in two successive transfer windows, signing Enzo Fernandez from Benfica for £106 million and Moises Caicedo from Brighton & Hove Albion for a whopping £115m.
The Blues have also dropped £62m for Marc Cucurella while signing little-known talents like David Datro Fofana, Cesare Casadei and Lesley Ugochukwu for significant sums.
However, Boehly believes Chelsea’s big spending is an investment, not an expense. “When we are spending, we are investing, and those players continue to hold their value,” the Eldridge founder declared at the QatarEcon Forum (via Ben Jacobs).
“What we are thinking of is what it costs to finance that portfolio of players. Some will go up, and some will go down in value, but I argue the investments made at Chelsea have held their value.
“We are not spending the money. We are investing the money. So when we buy, we are just thinking about the cost of carry.”
Despite Boehly’s optimistic outlook, it is hard to see Chelsea’s spending over the past two years as anything other than wasteful. Their transfers have lacked tact.
The West Londoners spent £12 million to sign Casadei, a player yet to make a senior appearance for Inter Milan. Also, shelling £62m on Cucurella is criminal. He has unsurprisingly failed to live up to the billing.
They have acquired so many promising talents, while the first team suffers from a lack of experience.
Chelsea signed goalkeepers Djordje Petrovic and Robert Sanchez last summer, yet are still in the market for a new number one because their signings have been uninspiring.
Furthermore, Chelsea could face major punishment (like point deductions) next season for breaching the Premier League’s Profit and Sustainability rules (PSR).
The Blues have been trying to auction off Cobham Academy products like top performer Conor Gallagher, rejuvenated Trevoh Chalobah, and Ian Maatsen to balance their books.
Boehly’s defence hinges on the future value of his acquisitions. Only time will tell if these young players develop into world-beaters or become cautionary tales.
However, the pressure is on. Chelsea need their investments to translate into on-field success soon or face the harsh reality of potential punishment and a fan base frustrated by a lack of direction.
The coming season will be a crucial test for Boehly’s strategy, with trophies and player development needing to go hand-in-hand to justify the astronomical spending spree.