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Feature
- 1 hours ago
BlueCo’s Chelsea project is falling apart - and Enzo Fernandez is proof
Cameron Smith
- Updated: 19 Mar 2026 09:47 GMT
- 6 min read
Analysis
Chelsea are verging on a crisis. They have been dumped out of the Champions League after an 8-2 aggregate defeat to Paris Saint-Germain in the last-16, Liam Rosenior has lost the support of the fanbase and the situation is close to breaking point.
The hierarchy won’t admit it, though. After all, just one month ago director Daniel Finkelstein told concerned supporters “it’s f****** obvious that we’re building one of the best teams in the world.”
Is it?
There are some very positive aspects to Chelsea’s strategy and their squad boasts a number of extremely talented players. But that isn’t enough. And when you look one rung below the superstars at the club, what’s blatantly obvious is that the depth at Stamford Bridge simply isn’t good enough.
Current ETV
Liam Delap
F (C), AM (R)
Chelsea
Liam Delap
F (C), AM (R)
Chelsea
ETV Range
€43.6M - €53.2M
While PSG could call on Desire Doue from the bench on Tuesday night, Chelsea brought on Liam Delap and Alejandro Garnacho. If anything points to the flaw in Chelsea’s strategy it’s that. Exclusively signing youngsters simply isn’t a viable tactic for a team who harbour serious ambitions of winning major trophies.
Last season went down as a success for Chelsea. They qualified for the Champions League, and won both the Europa Conference League and the Club World Cup.
However, en route to both of those trophies, Chelsea only beat KAA Gent, Panathinaikos, FC Noah, Heidenheim, FC Astana, Shamrock Rovers, Copenhagen, Legia Warsaw, Djurgarden, Real Betis, LAFC, Esperance, Benfica, Palmeiras, Fluminense and PSG.
PSG were the only top team they conquered and they are still yet to defeat either Arsenal or Manchester City during the BlueCo era. Despite this, last season was foolishly regarded as proof that the project is working smoothly.
In 2022, BlueCo urged Chelsea supporters to show patience with the strategy and that success would soon come. Nearly four years later, the Blues are no closer to winning the Premier League or the Champions League, despite spending over €1.7 billion on new players.
It’s been a gross mismanagement of funds and those in charge at Stamford Bridge must acknowledge their errors. However, based on the evidence of the past four years, that’s unlikely to happen.
And now their vice-captain has hinted he could push to leave the club this summer.
Enzo Fernandez is proof of Chelsea’s failed strategy
When asked if he will still be at Chelsea next season following the club’s 8-2 aggregate loss to PSG, Enzo Fernandez told ESPN Argentina on Tuesday night: “I don't know, there are eight games left and the FA Cup. There's the World Cup and then we'll see.”
It’s a damning indictment of the Chelsea project, but it’s no surprise. Since his arrival, Fernandez has been a shining light for the Blues, but the club have shown little ambition of building a team capable of winning now. At 25 years old, it’s understandable he is looking elsewhere as he eyes major trophies during his prime years, and players such as Cole Palmer and Moises Caicedo could feasibly follow suit shortly.
Furthermore, Chelsea’s playing squad are set to see their salaries drop fairly significantly next season if they fail to qualify for the Champions League due to the incentivised wage structure that has been put in place by BlueCo.
With higher wages and a better chance of winning trophies likely to be on offer elsewhere, it’s understandable why Fernandez wants to leave. It also points to a key flaw in the strategy.
STATS
Enzo Fernández
M, DM (C)
Chelsea
Enzo Fernández
M, DM (C)
Chelsea
Chelsea have several stars capable of playing a key role for a title-winning team now, such as Fernandez. However, they still have far too many players who simply aren’t good enough or aren’t yet experienced enough for a season-long tilt at Premier League glory.
It’s the exact same situation they found themselves in last year.
That isn’t a surprise though; due to the player trading model that has been implemented at Chelsea, it seems as though they will always be one or two years away from hitting the jackpot.
Fernandez is the first to suggest his discontent at the situation, but Chelsea could soon find themselves in an awkward situation whereby their biggest stars regularly express a desire to leave unless the owners take responsibility and pivot their strategy in line with the other big clubs across Europe.
Football transfer news headlines today
Transfer Rumours: Alonso eyes Barcola Liverpool signing as green light given to Premier League move
Fabrizio Romano confirms Enzo Fernandez transfer plans: No smoke without fire
Man Utd step up talks for €100m midfielder with top target 'extremely open' to summer transfer
Chelsea preparing 'major summer push' to make record transfer for Cole Palmer's best friend
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