Six defeats in-a-row 

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Chelsea’s league season went from bad to worse at Stamford Bridge on bank holiday Monday, as the Blues suffered their sixth consecutive Premier League defeat in a 3-1 loss to relegation-battling Nottingham Forest. It’s the first time this has happened to the club since November 1993. Only a stunning stoppage time João Pedro goal saved them from also suffering six defeats in-a-row without even scoring. The west London club are now ninth in the table and mathematically unable to finish in the Champions League places. They could easily now finish in the bottom half of the table.

Given the astronomical spending we have witnessed from Chelsea in recent years, this is a monumental failing. As illustrated in the graphic above, since the start of the 2022/23 season when the BlueCo ownership and Todd Boehly arrived at the club, the Blues have spent a mouth-watering €1.70 billion on players. That’s over €700 million more than second-placed Paris Saint-Germain (€969m). This is the kind of money that should be guaranteeing at least competing for the title each season – at very minimum, Champions League quailifcation. Yet, the Blues couldn’t look further from that and still have so many holes in their squad.

Here at Transfermarkt, we have analysed all 48 permanent signings since Boehly arrived at the Bridge. Whilst a select few have without doubt been a success and value for money, this scattergun approach is failing the team completely from a footballing perspective. Coupled with a similar ideology when it comes to recycling through managers, Chelsea have been left with a disconnected team and a disconnected fanbase. All of the transfers can be scrolled through below.

Chelsea signings under Todd Boehly analysed

Chelsea have broken the €100m barrier twice since the American Boehly arrived at the club. Enzo Fernández was brought in for €121m, whilst midfield partner Moisés Caicedo was signed for €116m. Now, whilst both of these players have evolved into good Premier League midfielders, their price-tag still certainly raises some questions marks. Caicedo’s current market value is €110m, whilst Fernández’s figure stands at €90m.

Wesley Fofana’s €80.2m move, largely due to injury issues, has not gone to plan, whilst Mykhaylo Mudryk’s €70m transfer has been a complete mess – the Ukrainian was recently given a four-year ban for failing a doping test. Within these other 44 transfers there have definitely been some success stories. Cole Palmer was signed for just €47m and currently has a €110m market value – although this is likely to drop in the upcoming market value update. João Pedro has 23 Premier League goal contributions in his first season at the club following his €64m move. Andrey Santos was plucked from Brazil for just €12.5m and is currently worth €45m.

However, these few ‘success stories’ may have worked out from a business perspective, but that will cut little slack with disgruntled Chelsea fans, who feel their club is being used as a conveyor belt to develop and sell talent on for a profit, rather than a team being designed to compete at the top level and win. Stamford Bridge is becoming soulless. The Blues have also had seven permanent managers in the four years since the new ownership took charge. A lack of consistency, a lack of patience to see through a vision, and a lack of capability throughout the board level have driven Chelsea downhill as a club. It’s hard to see just where they go next.