Chelsea: Mario Pasalic’s fifth loan is well positioned to be his last

Chelsea are reducing the size of their loan army, but they are no means liquidating it. Mario Pasalic signed a three year contract before returning to another year on loan at Atalanta, proving that not everything is undergoing a revolution.

Few loanees have maintained such a high place in Chelsea’s loan army without ever moving closer to the first team than Mario Pasalic. Other than his first loan to Elche – where he helped them to a historic 13th place finish (they were still relegated for an unpaid tax bill) – Pasalic has always had loans to well-established teams competing for European qualification. After Elche, Pasalic went to Monaco, AC Milan, Spartak Moscow and Atalanta. Three of those seasons ended in third place, while Milan finished sixth when he was there for 2016/17.

That season came after he had his closest brush with Chelsea’s first team. Pasalic travelled the entire preseason with the squad and made it all the way to August 27 before packing his bags for Milan. The following year he was out to Spartak Moscow on August 2. Every other year, Pasalic left by mid-July.

This season has Pasalic back to his usual rhythm: an early departure to an enviable team.

Despite more pressing matters occupying the club and having fans refreshing Twitter and their browser on Wednesday (has it happened yet, reader of my future?), the club announced Pasalic had signed a new contract through 2022. In celebration of his commitment to being a Blue, the club also announced he would return to Atalanta for another season on loan.

In their uniquely Chelsea way, this is a step up. A second season with Atalanta gives Pasalic some consistency and stability, a rare treat for any loanee. More than that, though, it rewards Pasalic for his efforts: after having helped Atalanta surprise Serie A with a third place finish, he gets to play in the Champions League with them.

Pasalic’s previous Champions League experience came with Spartak in 2017/18. He played in every group stage game before Spartak dropped into the Europa League, picking up 353 minutes in the upper competition.

Chelsea already have a back-log of midfielders, particularly attacking midfielders. Mario Pasalic could very well be a Chelsea-calibre player. The Blues obviously have always thought highly of him, considering the loans he has had. He has not taken any steps back in his development, the club just simply never had the room or the direct need for him. While the Blues should not be cavalier about selling or loaning players this summer, Pasalic had little chance of climbing past Ruben Loftus-Cheek, Mason Mount, Mateo Kovacic and Ross Barkley.

Chelsea’s decision to sell Tomas Kalas to Bristol City made it look like they might accept an offer for similarly situated players, such as Mario Pasalic. Atalanta were interested in buying him permanently this summer.

The most likely explanation for their decision to extend and loan him is Atalanta’s ability to meet Chelsea’s valuation. Atalanta are not a rich club, and will look at this season’s Champions League as a meal ticket for future transfer windows. The Blues will get more money for Pasalic next summer when Atalanta have money to spend than they would now, and when Chelsea can actually put that money to direct use.

This extension is less about keeping Pasalic on the books just in case as it is banking against a higher fee next summer.

To the extent you accept the loan army as a revenue stream rather than a developmental corps, this is excellent business. Barring any reversal in Lombardy this season, Pasalic will likely transfer to Atalanta next year and settle into his career, while the Blues will get the full amount they want at a time when they can immediately spend it.

His fifth loan is already set up to be his last and most rewarding, which is a better plan than most loanees will ever know.