Power struggle and chaotic player trading: What’s going at Chelsea?

LONDON – No sooner had another turbulent transfer window for Chelsea shut than reports emerged of a power struggle between chairman Todd Boehly and majority shareholder Behdad Eghbali.

In just over two years since the pair joined forces to buy the Blues, the English Premier League club have spent more than £1 billion (S$1.7 billion) on a bloated squad with little to show for it.

Ahead of Chelsea’s league trip to Bournemouth on Sept 14, here is a look at the current state of the two-time European champions.

1. Battle for the Bridge

Los Angeles Dodgers co-owner Boehly was the face of a 2022 takeover of the club but the vast majority of the £2.5 billion purchase came from Eghbali’s private equity group Clearlake Capital.

After Boehly’s brief stint as the club’s sporting director during the first six months, Eghbali has become the most hands-on figure within the ownership group.

The relationship between the pair is said to have deteriorated in recent months, with differing opinions over the club’s recruitment policy, poor results and the failure to make progress on the building of a new stadium.

One of the key disagreements came over the position of now-departed manager Mauricio Pochettino, who in his only season in charge oversaw a strong finish after a troubled start, with Chelsea ending sixth in the Premier League.

Boehly is believed to have backed Pochettino, now in charge of the United States team.

However, Eghbali and the club’s co-sporting directors Paul Winstanley and Laurence Stewart were reported to have favoured a fresh approach and Enzo Maresca became the club’s fourth permanent manager in less than two years.

Bloomberg has reported that Boehly and Eghbali are looking into whether they could buy the other’s Chelsea shares.

Raising the money to do so would be far more onerous for Boehly, who owns a just under 13 per cent stake, compared with Clearlake’s 61.5 per cent.

2. Money yet to buy success

Boehly and Eghbali have managed to splash out an estimated £1.1 billion on dozens of players with nothing to show for their investment.

Just over three years ago, Chelsea beat Pep Guardiola’s Manchester City side to win the Champions League.

With Ben Chilwell one of a number of expensive recruits deemed surplus to requirements, captain Reece James is the only survivor from the winning squad that night in Porto who is currently in Maresca’s plans.

Chelsea twice smashed the British transfer in little more than six months for Enzo Fernandez and Moises Caicedo in 2023, but the two midfielders are yet to gel.

A host of other big-money signings have been frozen out due to the stockpiling of players.

During Roman Abramovich’s 19-year tenure, the Blues won five Premier League titles and never went two straight seasons without silverware.

Yet they have still to lift a trophy under the new regime and have finished 12th and sixth in the past two Premier League campaigns.

“The club have become a laughing stock both on and off the pitch,” the Chelsea Supporters’ Trust said earlier in 2024.

3. Method in the madness?

Despite all their issues, there have been some success stories from Chelsea’s lavish outlay that has mainly focused on young talent from across the globe.

Cole Palmer’s £40 million move from City now looks a bargain after he was one of the standout Premier League players last season, with Noni Madueke also impressing.

And the club have slashed the average salary of the squad with long contracts heavily incentivised, based on performance.

Chelsea’s transfer splurge has stood out even more as other Premier League clubs have become more cautious in the market to meet financial regulations.

But the Blues have so far cleverly managed to stay ahead of the rules, partly by selling two hotels on the Stamford Bridge site to companies under the control of Boehly and Clearlake. AFP