Chelsea's spending under Todd Boehly has been nothing short of remarkable. They have smashed records for the biggest transfer window for an English club and then followed that up with breaking the January record too. For a month notoriously hard to get business done, Chelsea have looked that in the face an laughed.
Their seven signings have cost them over £183million with the promise of more to follow. It is unprecedented spending power from an owner that many felt would be more stingy than the previous regime.
The reason for it is simple. Todd Boehly and Co. want to take a short cut to creating what is deemed 'their squad' and separating old and new in a clearly defined way. This helps to set up for the future and avoids a period of limbo, reducing the time spent 'in transition.'
READ MORE: What Moises Caicedo bid from Arsenal means for Chelsea transfer of Declan Rice after £60m offer
It's unlikely to continue past the summer and should they sign a midfielder in the final days of this window it may not even extend that far. The work for the summer has largely been done already. Progress has been fast tracked.
Enzo Fernandez would become the biggest transfer of the lot, overtaking the remarkable late surge to sign Mykhailo Mudryk from within the grasps of Arsenal. His £106m release clause could make him the most expensive Premier League player ever. With Chelsea already spending more than the rest of Europe's top leagues combined it is a staggering move to even comprehend.
The issue that is causing rivals fans most annoyance is how Chelsea can afford this. Once more, the answer is relatively simple but relies upon the reading of financial rules and how numbers go down 'in the books.'
To start, when Chelsea agreed a deal worth an initial £62million for Mudryk, for example, they are not paying off a lump sum all in one. Even if they were, that isn't how it would be recorded. Due to amortisation the value of a player is spread across their contract. In essence it means that the £62million is only worth £7.75million-per-year plus wages for Mudryk.
Chelsea are also still paying off the prices of players previously purchased too, but it does explain why it is not simply a fact of Chelsea spending £400million in nine months and being able to afford it or get away with it under Financial Fair Play regulations.
So, when the Blues look to add gloss to their already incredible January window by signing Moises Caicedo, it is worth noting how they can afford to do the deal. Plus, speaking the Football Daily podcast by BBC, David Ornstein explained how Chelsea could even register a profit this window with just one sale.
"If Chelsea were to sell a homegrown player for £40million for example, it’s immediate profit on the books as Chelsea haven’t paid a transfer fee for him," Ornstein explained.
"Mudryk for example is an outlay of £8million on books. Chelsea could end this window in profit if a homegrown player was sold."
Having spent vast amounts this will come as a shock for many but it demonstrates why having people with a financial background is so important at a football club, and Boehly's background in baseball ownership on top of the advisors and investement portfolio of Clearlake Capital and Co make it clear why Chelsea are finding ways around their spending.
What is causing trouble with regards to Fernandez is that Benfica are demanding the release clause be paid up front. Although the cost would still be split across what one can only assume will be another mammoth contract, it is still a large portion of cash to offer up in one.
For this reason the structure of the deal is just as important as the money itself.
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