Chelsea are on the verge of mutiny thanks to BlueCo - here’s how it went so drastically wrong

Chelsea owner Todd Boehly has come under fire from supporters (PA Wire)

Of the 52 signings sanctioned by Todd Boehly since the summer of 2022, just four have gone on to become indispensable: Moises Caicedo, Enzo Fernandez, Marc Cucurella and Cole Palmer. Brazilian sensation Estevao looks set to become a fifth rare success story for the ownership once he’s fully unleashed - the 18-year-old is still currently having his minutes managed. This hit rate does not justify the five sporting directors - primarily Paul Winstanley and Laurence Stewart, supported by Joe Shields, Sam Jewell and Dave Fallows - that formulate the club’s recruitment.

And from the wheat, there’s a whole lot of chaff. A raft of big-money signings have simply gone on to become fringe players; a trend that again shows issues with recruitment rather than the players themselves. The likes of Wesley Fofana and Romeo Lavia - signed for a combined £124m - almost instantly became glued to the treatment table, raising questions about how either of them passed their medicals. And when it comes to all that youth investment, the majority are shipped out without making a dent on the team; their only real impact being a collective one, as managers have wrapped their heads around an unbelievably bloated squad. It’s something that Enzo Maresca was vocal about, leading to the creation of a “bomb squad”.

Some of these youngsters are admittedly sold for a profit despite barely playing, which you could call good business. But when taking a glance at the books, you can’t really give BlueCo much credit in that regard.

Chelsea fans protest their owners BlueCo (PA)

A report by The Athletic highlights that Chelsea’s operating losses under BlueCo over the past three years totals £689m - or £692,000 every single day. BlueCo has taken on £1.39bn in debt to fund its activities. Crucially, the return on investment just doesn’t seem to be there, both on and off the pitch - Chelsea’s commercial income of £200.9m trails their nearest “big six” rival by over £60m. Behdad Eghbali has previously made the point that the club were poorly managed from a commercial point of view under Roman Abramovich. Stones in glass houses.

The pitfalls of Chelsea’s operation warrant the protests that have intensified in recent weeks. It is undeniable that this is the root cause of their long-term problems. But for this particular crisis in performance, other individuals must be subject to accountability.

Some of the club’s top stars have not exactly helped the cause with their off-field antics. Fernandez wound up with a two-match internal ban for courting Real Madrid in an interview. The Argentinian, who cost Chelsea £106.8m and could very well leave for significantly less than that in the summer, is back with the squad but looked despondent with the club’s state of affairs after full-time against Brighton. He was shrugging his shoulders to the away fans, almost as if to ask: “What more can I do?” BlueCo may argue that toeing the line would have helped.

Enzo Fernandez shrugs his shoulders at the away fans after defeat to Brighton (Reuters)

Cucurella, meanwhile, has publicly questioned the project, namely the club’s decision to fire Maresca mid-season, and is this week facing further scrutiny after reports that his barber leaked the team news for the Brighton trip. “[Cole] Palmer and Joao Pedro injured tonight. There’s your exclusive,” he posted on X, accompanied by an image of the left-back getting his hair cut.

Blame also must lie in the dugout. Rosenior is a young manager at 41 and feels a victim of being groomed for this role by BlueCo - from the outset, it seemed this step up had come way too soon. He was thrown into the deep end thanks to the petulance of his predecessor, with Maresca’s press conference rants putting his bosses in a very difficult position. For all his managerial prowess, the Italian left having created instability.

But despite a promising start in the hot seat, Rosenior’s inexperience has been shown by how his team have responded to adversity. Past weeks have been defined by muddled tactics and a lack of fight. There is now speculation that he has lost the dressing room, something which may have coincided with him ditching his policy of defending his players no matter what. “To be even accused of throwing the towel in is unacceptable,” he fumed after the Brighton loss.

Liam Rosenior fumed at his players after an ‘indefensible’ display against Brighton (PA Wire)

Whether the Englishman makes it to the beginning of next season still at the helm feels a very uncertain bet. Chelsea’s penchant for ruthlessly cutting managers doesn’t bode well for Rosenior, even if he is BlueCo’s pet project. But that’s inherently what it comes down to - Chelsea are in this mess because of the decisions of their owners.

This is their making, this is their fault - and the project has reached breaking point. BlueCo is already fighting a civil war against an enraged fanbase in Strasbourg, whose supporters loathe their perceived “pawn of Chelsea” status under multi-club ownership. A similar mutiny is brewing at Stamford Bridge.