Since the Todd Boehly – Clearlake Capital era began, Chelsea's transfer spending has surpassed a billion pounds, yet the outcome has been two seasons of mediocrity. The owners now face the real prospect of two years without any silverware or even qualification for European football, and their aim of turning Chelsea into the best football club in the world looks like a pipe dream. As Pochettino stood motionless on the touchline in the Carabao Cup final defeat to Liverpool, it was difficult to escape the conclusion that the pressure on the Chelsea boss would only mount as their flirtation with mid-table continues. The Blues are currently 11th in the EPL standings, with 39 points from 27 games. There is a running joke on social media – ‘win, lose or draw, Chelsea remain in mid-table.’ When you spend as lavishly as they have, you expect to compete at the top of the division, not fight for scraps with bottom-half teams. That is not to say that there have not been high points this season; At the beginning of the year, there was a sense of optimism as they reached the Carabao Cup final and won three EPL matches in a row to haul themselves into the top half of the table. However, that was short-lived, as a 4-2 defeat to Wolves at Stamford Bridge brought the boo boys back. The cup final defeat to Liverpool is actually their only loss since that time (W5, D2), which perhaps shows Pochettino is starting to find some order amidst chaos.
**Where has all the money gone?** When assessing the cause of Chelsea's demise, a glaring factor is poor recruitment. Since Todd Boehly and Clearlake Capital assumed ownership in 2022, the club has amassed the highest expenditure on players (£1 billion), and the highest net spend in the top five leagues (£635m). Comparing this spending to other clubs over the same period, Chelsea's outlay is unmatched. The only club in Europe that have come close to Chelsea’s spending in that time frame is PSG £500m. The fans understandably expect their team to perform like a billion-pound outfit, but there's a prevailing sense that much of that money has been squandered, aside from a few players. Additionally, Chelsea face investigations for alleged historical breaches of FFP during the Abramovich era, which could result in points deductions or worse, further complicating an already difficult situation. This is a team that has posted operational losses in each of the past 10 years. Without the prospect of Champions League football, it's difficult to envision significant revenue growth for the next season. The transfer business since the start of last season has been hit-and-miss at best. There have been some good ones, a few great ones, and some truly bad investments. Cole Palmer certainly falls into the ‘great’ category as the Blues forward has been excellent since arriving from Manchester City last summer for £40m. His 16 goals and 12 assists in all competitions puts him behind only Jude Bellingham (G20, A9) for goal contributions for Under 21 players in Europe’s top five leagues, and he will surely finish as Chelsea’s player of the season, and perhaps in the EPL team of the season. A few others like Nicolas Jackson (£32m), Malo Gusto (£31m), and Alex Disasi (£39m) have been good but not great, and in the case of Jackson, there is enough talent there to give him time to thrive. Meanwhile, the jury remains out on Enzo Fernandez who arrived for a club record £105m from Benfica but has only shown his ability in patches. Benoit Badiashile, Noni Madueke, Romeo Lavia, and Christopher Nkunku have enormous potential but at the other end of the scale, questions need to be asked. Marc Cucurella cost the Chelsea owners the thick end of £60m, and without sounding too harsh, has been very mediocre. The Blues spent all summer chasing Moises Caicedo, and nothing he has done in the past 7 months suggests he can be a £50m player, let alone a British record £115m. There were other mistakes too. Kalidou Koulibaly arrived from Napoli for £33m but was promptly shipped off to Saudi Arabia after an underwhelming season.
**Conclusion** Despite the club’s apparent struggles, Pochettino has led them to the Carabao Cup final, the FA Cup semi-final, and a chance to play European football next season. They are also on a run of 1 defeat in their last 8 games which suggests marginal improvement, and cause for optimism. While the Argentine manager has certainly not done a great job at Stamford Bridge, the issues at the club run deeper than just a managerial change and will require time to fix. However, with young talented players like Palmer, Nkunku, Fernandez, and Gusto in their ranks, there is reason to believe the past EPL winners can return to their glory to where they belong. Do you think Pochettino is the right man for the job? Take advantage of our expert betting tips and free football prediction by backing Chelsea to end the season on a high by finishing in the Premier League top 6 and winning the FA Cup.
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