Should Romeo Lavia follow Moises Caicedo through the door at Stamford Bridge, Chelsea’s spending in just three transfer windows under Todd Boehly will extend beyond £900million.
So, in an area of supposed Financial Fair Play regulation, how is it that the Blues are not falling foul?
The most important factor until now has been an accounting process called amortisation, which allows clubs to spread the cost of a transfer fee across the course of a player’s contract, hence lengthy deals like the eight-and-a-half years handed to Mykhailo Mudryk.
Sales, by contrast, are counted in full as soon as a player departs, meaning this summer’s clear-out will start to balance the books.
However, the FFP amortisation loophole was closed by Uefa in June, with a new five-year limit on the spread of a transfer fee, regardless of contract length.
Since Chelsea are not in Europe this season, they have time to get their accounts in order, but the Premier League are expected to follow Uefa’s lead soon.
More sales will be necessary to comply with both bodies’ rules, but in that area the Blues have been particularly successful, bringing in a reported £1.2billion since 2013-14.
The club’s outstanding youth academy has been key, with Mason Mount and Ruben Loftus-Cheek the latest to depart for pure profit having come through the ranks. Saudi Arabia’s rise has also provided a landing spot for older players on large wages that the club might have previously struggled to move on.
Still, there is a word of warning from football finance expert Kieran Maguire.
“Chelsea have taken a big gamble by recruiting players with big transfer fees on long-term contracts,” he says. “If [Caicedo] turns out to be a great signing, then Chelsea have him locked in until 2031. If he is a poor signing, the club are obliged to pay his wages until 2031, too, which ties up payroll costs.”
