No title, no money and no clue - What are BlueCo doing with Chelsea?

Cameron Smith

Updated: 13 Apr 2026 12:10 BST
6 min read

Todd Boehly, Behdad Eghbali, Chelsea — © IMAGO

What are BlueCo actually doing at Chelsea? After four years of ownership at Stamford Bridge, they are no closer to challenging for the Premier League title despite breaking spending records at will and they have alienated themselves from the entire fanbase.

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When Chelsea won the 2021 Champions League final against Manchester City, it would’ve been inconceivable to imagine a world in which the Blues lost 10 of their next 13 meetings with Pep Guardiola’s side while failing to secure a single victory. But that’s what has happened.

It would have been even more inconceivable when adding in the fact that close to €2 billion had been spent on new signings during that time period.

However, Chelsea have fallen down the Premier League food chain at rapid speed since Roman Abramovich was replaced by the BlueCo consortium led by Behdad Eghbali and Todd Boehly in 2022. They are currently sixth in the English top flight table, but they are only four points clear of Fulham in 12th and six points ahead of Newcastle United in 14th.

With an in-form Manchester United team coming to town next before a trip to a resurgent Brighton & Hove Albion side, Chelsea are in real danger of a second bottom-half finish in four seasons under BlueCo.

That’s simply not excusable and it’s come from a tragic failure right from the very top.

Chelsea should be competing with Arsenal and Man City for the 2025-26 Premier League title. They’ve spent enough money that Champions League qualification shouldn’t really be deemed a success, but a place in any European competition seems highly unlikely given their current slump.

© IMAGO - Liam Rosenior is already under huge pressure at Chelsea

Liam Rosenior’s side have only won one of their past seven English top flight fixtures, while they have suffered three consecutive league defeats without scoring a single goal for the first time since 1998. They also haven’t won a Premier League match at home since January and the atmosphere at Stamford Bridge has reached a toxicity arguably never seen before.

After a promising start to life in west London, Rosenior looks out of his depth in the dugout, but it’s hard to pin the blame solely on him. He simply wasn’t ready for this step up and such hiccups are to be expected when an inexperienced manager is given the power to lead a group of inexperienced players who appear to have given up.

When Rosenior turned to his bench for inspiration against Man City on Sunday, there must have been a sense of immense frustration and anger. While Guardiola was able to leave Omar Marmoush and Tijjani Reijnders as unused substitutes at Stamford Bridge, the only attacking options at Rosenior’s disposal were Alejandro Garnacho, Liam Delap and Marc Guiu.

That’s mid-table depth and it’s why Chelsea are destined for another lowly league finish.

That isn’t to say Rosenior is blameless, though. After all, Chelsea have lost by a three-goal margin on four occasions in the space of the last month - something that only happened once during Enzo Maresca’s entire spell in charge. But, he’s far from the only issue.

BlueCo’s plan has failed

The premise of BlueCo’s strategy is fairly simple: sign talented youngsters before they become superstars, tie them down to long-term contracts with an incentivised wage structure and either sell them for profit or watch them become first-team regulars.

The Blues are owned by businessmen and they evidently see Chelsea Football Club as a vessel to make money. Four years of evidence suggests that actually winning trophies is secondary to financial gain.

This obviously isn’t an optimal strategy for success on the pitch, but it also hasn’t yielded success off the pitch either.

© IMAGO - Todd Boehly (left) and Behdad Eghbali (right) are the owners of Chelsea

Chelsea are still yet to finalise a long-term front of shirt sponsor, and are losing out on millions as a result, while they recently announced the biggest pre-tax loss in Premier League history for 2024-25. In addition, when combining accounts for Chelsea and Strasbourg since BlueCo arrived in 2022, the total losses amount to just shy of €2 billion.

The ownership group have sacrificed on-pitch performance in an attempt to make money and they’ve somehow failed spectacularly at that too.

It’s hard to imagine how the Chelsea hierarchy will gloss over the mess they’ve created, and it’s no surprise that key players are beginning to agitate for a move this summer.

However, widespread reports have confirmed that BlueCo have no intention of leaving Chelsea. They’re here for the long haul and it’s why another demonstration against the ownership group has been scheduled for this Saturday.

Chelsea fans will hold a joint protest with Strasbourg supporters against the BlueCo regime ahead of their home clash versus Manchester United on 18 April in an attempt to convey their anger at those in charge of both clubs. Whether this leads to a tangible improvement is hard to say, but it’s quite incredible how BlueCo have entirely severed their relationship with two sets of fans.

Rumours indicate that Chelsea officials are ready to finally add some much-needed experience to their first-team squad this summer, and Rosenior has confirmed that lengthy negotiations have taken place between himself and the hierarchy in a bid to improve the current situation.

However, who will want to join this Chelsea project? It’s a question that has been asked continuously throughout the BlueCo era and it’s now more pertinent than ever. Will top target Morgan Rogers seriously choose to leave Aston Villa in order to join this team? Will any centre-backs with experience of winning trophies? Will a top-level goalkeeper? What about a reliable striker capable of battling with Joao Pedro?

Current ETV

Morgan Rogers

AM (C), M (CL)

A. Villa

Morgan Rogers

AM (C), M (CL)

A. Villa

ETV Range

€53.8M - €65.8M

There are so many questions heading into the summer transfer window and if Chelsea’s slump continues, will Rosenior even still be in charge?

BlueCo have turned Chelsea into a mid-table outfit despite vast investment that has never been seen before in Premier League history. Seriously, what are they doing?

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