The "American" Chelsea: a steadfast Stamford Bridge with a constantly changing roster of players.

Written by Han Bing. Since Todd Boehly's takeover in the summer of 2022, Chelsea's approach to the transfer market has been markedly different from that of traditional European clubs. In recent years, the Blues have acted more like a "hedge fund" with rapid financial and player turnover. The new American ownership appears to prioritize the high volume of financial and player transactions over assessing the competitive value of players. For "American Chelsea," the emphasis on high turnover in both finances and personnel seems to take precedence over evaluating players' athletic contributions.

In this summer transfer window, Chelsea continues to maintain a high volume of both personnel and financial transactions: the Blues have spent over €275 million on new signings (all amounts are in euros), trailing only Liverpool (€309 million). With the potential signing of Xavi Simons, Chelsea's expenditures could exceed €350 million. Additionally, Chelsea's sales revenue has surpassed €151 million, leading the market. The first team has added 21 players while parting with 13, resulting in a total turnover of 34 players. Furthermore, with a first team of up to 38, Chelsea still has 10 players available for sale, indicating that the turnover of players will likely continue to rise.

A steadfast Chelsea, with a constantly changing roster of players and similarly fluid transfer window finances, is the unique hallmark of how American Chelsea operates in the market.

This summer, Chelsea has continued the club style established after Boehly's acquisition in 2022, characterized by a high volume of both purchases and sales in the transfer market. The Blues' first team has added 21 players, including 8 new investments.

Currently, Chelsea's total investment in this summer's transfer window has exceeded €275 million, ranking fourth in the club's history for a single transfer window, following the summer of 2022 (€301 million), the winter of 2023 (€329.5 million), and the summer of 2023 (€464 million). If RB Leipzig's midfielder Xavi Simons (€75 million + €5 million) joins, Chelsea's summer investment total will surpass €350 million, marking the second-highest in club history. If Liverpool fails to secure Alexander Isak, Chelsea will once again retain the title of highest investor this summer.

Meanwhile, Chelsea has already offloaded 13 players this summer, generating a total of €151.6 million from sales, including figures like Malo Gusto (€56 million), Joao Felix (€30 million), Petrovic (€28.9 million), Amad Diallo (€14.5 million), Humphreys (€14 million), and Kepa (€5.8 million). Even accounting for Simons' potential transfer, Chelsea's net expenditure this summer has only just surpassed €200 million. Moreover, the Blues' major clear-out is not yet complete, with at least 10 more players available for sale. British media predicts that if all these players leave, it could bring in over €100 million in additional revenue for Chelsea.

Currently, Chelsea ranks second in both investment and revenue for this summer's transfer window worldwide. If player movements proceed smoothly, they could potentially top both lists. So far, Chelsea's player turnover this summer has reached 34, which is roughly equivalent to the combined turnover of Premier League champions Liverpool (19 players) and Arsenal (20 players). With the transfer window still open, Chelsea's player turnover is already at the top of the Premier League. Given that most Premier League clubs have nearly concluded their player movements, Chelsea is likely to remain the club with the highest turnover, just as in the previous two summer windows.

Clearly, under Boehly's leadership, Chelsea has established "many in and many out" as their signature approach to the transfer market.

In the summer of 2023, Chelsea spent €464 million on new signings, setting a world record for a single transfer window investment by a club; simultaneously, their sales revenue reached €275 million. The Blues added 19 players while offloading 27, resulting in a total turnover of 46 players, the highest in the Premier League. Chelsea's turnover is nearly equivalent to the combined totals of Premier League champions Manchester City (24 players) and Arsenal (25 players).

Although Chelsea's spending in the summer of 2024 significantly decreased, it still reached €267 million, while revenue from sales amounted to €208 million, allowing them to maintain the top spot globally for both investment and revenue. The Blues' first team added 22 players while letting go of 24, with a turnover of 46 players, again the highest in the Premier League. Chelsea's turnover exceeded that of Premier League champions Manchester City (16 players) and Arsenal (19 players) by 11 players.

During Abramovich's era, Chelsea also experienced transfer windows with "many in and many out," but these instances were typically tied to transitional phases for the team rather than being a regular occurrence each season.

In the summer of 2021, prior to Boehly's acquisition, Chelsea spent €113 million to sign Romelu Lukaku, setting a club record. That year, Chelsea's first team added 15 players while releasing 22, achieving a turnover of 37 players. In their peak summer of 2017, they invested €207 million in new signings and made a profit of €131 million from sales, adding 21 players while letting go of 24, resulting in a turnover of 45 players, though this still did not reach the highest figures seen in the Boehly era.

In the summer of 2022, American owner Boehly, alongside the North American consortium, acquired Chelsea, establishing a "new style" characterized by high capital investment and substantial player turnover in their first transfer window. The Blues' investment reached €301 million, setting records for both Chelsea and the Premier League for a single transfer window. Additionally, the first summer window under American Chelsea saw the first team add 13 players while releasing 19, indicating a significant amount of player turnover.

While other Premier League giants continue to follow traditional market operations, Chelsea has achieved a new style resembling American professional sports, marked by high levels of both financial and player turnover over four summer windows. Chelsea represents a comprehensive adaptation of the American professional sports model of player transactions within the realm of football.