SOME have called it a scattergun approach, others have described it as merely careless, but Chelsea’s transfer market activity since 2003 has been characterised by mass purchases, bold statements and knee-jerk decisions. No matter how many top players Chelsea acquired during the Roman Abramovich era – and there have been many that have worked well –  there have been many mistakes and tales of big-money signings failing to live up to expectations.

The list seems quite endless and includes Mutu, Crespo, Shevchenko, Deco, Torres, Remy, Ba, Rahman, Batshuayi, Morata, Drinkwater, Kepa and, dare we say, Lukaku. Chelsea have sometimes acted like a greedy kid in a sweetshop: “I want, I want, I want.” Perhaps there have been occasions where a big name has been signed to deprive others and there have been cases of downright poor judgement. If further evidence has to be provided as to. Chelsea’s carelessness, let’s just list three players: Mo Salah (Roma and Liverpool), Kevin De Bruyne (Wolfsburg and Manchester City) and Romelu Lukaku (WBA, Everton, Man.Utd and Inter Milan).

But this approach has undoubtedly been consigned to the past with the club on the brink of being taken over by the consortium led by American businessman Todd Boehly. Chelsea will be US-owned and that means a very different attitude to sports investment from the one taken by Abramovich and his entourage. Abramovich appeared to ask for little in return for his consistently committed patronage, thereby making him popular with the Chelsea faithful, but the US ownership team will surely demand a return and a more measured strategy around cash outlay and squad building.

It may have been Chelsea had seen the best of the Abramovich years, despite winning the Champions League for the second time in 2011. They had become a cup team over the past five years and since Pep Guardiola and Jürgen Klopp moved into Manchester and Liverpool respectively, Chelsea’s position had been on the decline. Their last title challenge was in 2017 and the past six seasons have delivered four trophies (it may be five if they win the FA Cup on May 14). Compared to the six seasons starting with José Mourinho’s appointment, when they won eight, and the second six-year period when they won five, it is clear Chelsea’s ability to win silverware has declined or rather, has been challenged by smart competition. Furthermore, their league placings have also fallen away and given they are likely to finish third or fourth in the Premier in 2021-22, their last top two position was in 2017.  

Given Chelsea have a reputation for being a hire and fire club with respect to managers, it is no coincidence the two most successful clubs at present have had their managers for some time. In six years, Chelsea have had Antonio Conte, Maurizio Sarri, Frank Lampard and Thomas Tuchel. In that same timeframe, Manchester City and Liverpool have had Guardiola and Klopp. At some point, the new owners may well question this strategy for its short-termism. It has worked to a point – witness the number of trophies – but less so recently.

Chelsea may have seen the best of the Abramovich era and had become a cup team while Manchester City and Liverpool slugged it out for the title.

Another aspect of Chelsea’s last 19 years has to be the number of young players being loaned out in the market. At present, there are almost 30 players on loan at clubs like AC Milan, Besiktas, Venezia, Rapid Vienna, Lokomotiv Moscow and Flamengo. Some, such as Michy Batshuayi and Baba Rahman, seem to have been at the club for years, but have little hope of making it at Chelsea. This is really inefficient player management and can destroy their careers, even if Chelsea might get a return on the continual lending of their services. Often, it is a way of off-loading a player who has been bought (Batshuayi cost £ 33 million) who hasn’t worked out. According to football finance professionals, the buy and loan model is very unsatisfying for the players.

As much as Chelsea supporters love Stamford Bridge, the harsh reality is the club needs to rebuild or move to remain competitive. The capacity is barely 40,000, capable of hosting 20,000 fewer people than Arsenal, Tottenham and West Ham. Abramovich tried to launch plans to build a new super stadium designed by prestigious architects Herzog & de Meuron, but the £ 500 million project was abandoned in July 2018 after he ran into problems with the UK government over his immigration status. In hindsight, this may have been the beginning of the end for Abramovich and Chelsea and he rarely saw the team in action from that point. It was probably unreasonable to expect him to continue his ownership when he couldn’t even enter the country. With regards to the stadium, it will be interesting to see if the consortium will revisit the possibility of a completely new home or will completely rebuild on the existing site. The club’s matchday income is generally way behind their chief rivals in England, so this revenues stream offers plenty of upside.

So Chelsea will, like some of their peer group, Arsenal, Liverpool and Manchester United, become influenced by US sports investor mentality. This may actually strengthen Manchester City’s hold on the English game but it will certainly mean success will become more irregular and Chelsea will have to adjust to a new type of ownership model. It is fairly certain that when the new management rolls into town, they will use many of the tools that are currently being adopted by the most successful  and intelligent clubs in world football. Data will be key, intelligent use of assets will be a prerequisite. It’s not bad news, because Chelsea’s previous model was the equivalent of a “sugar daddy” with cash to spend and few questions asked, at least that what it seemed to resemble. It was never going to last forever, because it couldn’t – football finance expert Kieran Maguire commented that Chelsea were losing £ 900,000 per week, a situation that was completely unsustainable. Nevertheless, Stamford Bridge regulars will forever consider Roman Abramovich a “good owner”, but it is possible Chelsea will be more sensibly run going forward.