Since Todd Boehly and Clearlake Capital acquired Chelsea FC in May 2022, the club has embarked on an unprecedented and often chaotic journey. What began with promises of sustained success and significant investment quickly devolved into a period of immense spending coupled with inconsistent on-field performances, a revolving door of managers, and a squad in constant flux.
The Initial “Rise” (The Spending Spree)
The new ownership group, BlueCo, immediately made their intentions clear by investing heavily in the transfer market. Their philosophy seemed to be to acquire young talent with high potential, often for eye-watering fees, to build a squad for the long term.
- Massive Investment: In the 2022/2023 season, Chelsea spent a staggering amount on transfers, including high-profile signings like Enzo Fernandez (€121m) and Mykhailo Mudryk (€70m). This continued into the 2023/2024 and 2024/2025 seasons, with further significant outlays on players like Moises Caicedo, Romeo Lavia, Joao Pedro, Jamie Gittens, and Pedro Neto, among many others. The total investment since 2022 reportedly exceeds £1.2 billion.
- Squad Overhaul: The sheer volume of new players meant a drastic overhaul of the squad, with many established players departing to balance the books and make way for new arrivals.
The “Fall” (Struggles, Player Integration, and Managerial Chaos)
Despite the massive investment, immediate success proved elusive, leading to a period of struggle and instability.
- Struggles on the Pitch: The influx of new faces and lack of pre-existing chemistry often resulted in disjointed performances. Chelsea finished a disappointing 12th in the Premier League in the 2022/2023 season, missing out on European football entirely. The 2023/2024 season saw some improvement, but still a battle for European qualification.
- Players Who Didn’t Fit: With such a high volume of transfers, it was inevitable that some players would struggle to adapt or find a consistent place in the team. While specific names can be subjective, many highly-touted signings in the initial windows faced challenges with form, injuries, or fitting into various tactical systems as managers changed. The policy of signing young, unproven players with high potential also meant a higher risk of them not immediately performing at the required level for a club of Chelsea’s stature. Examples might include players like Mykhailo Mudryk (initially), although he has shown flashes of brilliance, and some of the younger players brought in who were immediately loaned out or have seen limited game time.
- Sacking of Coaches: The new ownership demonstrated a quick trigger finger when it came to managers.
- Thomas Tuchel: Sacked early in the Boehly era (September 2022), despite having won the Champions League recently.
- Graham Potter: Hired to implement a long-term project, he was given less than a year (September 2022 – April 2023) before being dismissed due to poor results.
- Frank Lampard (Interim): Took over for the remainder of the 2022/2023 season, with predictably limited success given the circumstances.
- Mauricio Pochettino: Appointed for the 2023/2024 season, he brought some stability and improved results towards the end of the campaign, securing European football (UEFA Conference League, then Champions League by winning the Conference League). However, he departed in May 2024.
The Recent “Rise” (Signs of Stability and Success)
The narrative has shifted more positively in the most recent season (2024/2025).
- New Coach – Enzo Maresca: Appointed on July 1, 2024, Maresca arrived with a reputation for a specific playing style, having guided Leicester City to promotion. His appointment signaled a desire for a clear footballing identity.
- Improved 2024/2025 Season: Chelsea finished 4th in the Premier League in the 2024/2025 season, securing a highly coveted UEFA Champions League spot for the 2025/2026 season. This is a significant improvement and demonstrates a degree of stability finally being achieved.
- Trophy Success: Crucially, Chelsea also won the UEFA Conference League and the FIFA Club World Cup in the 2024/2025 season. These trophy wins, particularly the Club World Cup, provide a significant boost to the club’s finances (helping with FFP concerns) and, more importantly, a return to winning silverware, which is vital for a club of Chelsea’s ambition. Cole Palmer has been highlighted as a key performer, winning individual awards.
What Lies for Them in the Nearest Future?
Chelsea’s immediate future looks more promising than it has in the past two years.
- Champions League Football: Qualification for the 2025/2026 Champions League is a huge step, bringing in significant revenue and attracting top talent.
- Financial Fair Play (FFP): While Chelsea have spent massively, their success in the Club World Cup and improved commercial revenues (aided by a new shirt sponsor) are helping to alleviate some of the FFP pressures. However, balancing the books will remain a key challenge, and strategic player sales may still be necessary.
- Maresca’s Project: The focus will be on Maresca to build on the recent success, integrate new signings, and further develop the existing squad. Consistency will be key.
- Squad Evolution: Expect continued, albeit perhaps more targeted, transfer activity. The club seems focused on developing young talent, so a blend of experienced heads and promising youngsters will likely be the strategy.
Can They Win the EPL 2025/2026 Season?
This is the million-dollar question, and while optimism is growing, it’s a very tall order.
- Factors in their favor:
- Champions League football: Attracts better players and offers more match practice against elite opposition.
- Increased stability: Maresca has had a full season to implement his ideas and build a rapport with the squad.
- Talented squad: Despite the struggles, the squad possesses undeniable individual talent (Cole Palmer’s form being a prime example).
- Winning momentum: The Conference League and Club World Cup wins will build confidence.
- Financial backing: The ownership has shown a willingness to spend, which means they can still compete for top players.
- Challenges:
- Competition: The Premier League is incredibly competitive. Manchester City and Arsenal remain formidable, Liverpool will be strong contenders under their new management, and other teams like Manchester United and Tottenham will also be aiming for the top.
- Consistency: Chelsea’s biggest hurdle has been achieving sustained consistency. While the 2024/2025 season showed improvement, maintaining a title challenge requires an almost flawless run of form.
- Squad Depth and Balance: While they have many players, ensuring the right balance across all positions and sufficient depth to cope with injuries and European commitments will be crucial.
- Managerial Pressure: The pressure at Chelsea is immense, and Maresca will be expected to deliver.
Conclusion:
While winning the EPL in the 2025/2026 season is ambitious, Chelsea will certainly be aiming for a top-four finish and a strong challenge for the title. Their recent triumphs and return to the Champions League show a significant upward trajectory. If Maresca can continue to solidify the team’s identity, integrate new signings seamlessly, and manage the inevitable pressures, Chelsea could well be dark horses for the title. However, displacing the established powerhouses will require a truly exceptional season.
