Chelsea’s form since Christmas has been a stark contrast to the team’s performance before the festive period. Prior to Christmas, the Blues had secured 18 wins from 27 matches across all competitions. However, since the turn of the year, Chelsea has managed just three victories in nine outings.
Under Enzo Maresca, the club once found itself within touching distance of the Premier League summit, but they are now battling to secure a place in the top four. A significant dip in intensity, concerns over squad management, and ongoing controversies surrounding club ownership have left many Chelsea supporters questioning the leadership at Stamford Bridge. Given recent events, their concerns appear to be well-founded.
"Blue Billion-Pound Bottle Jobs": A Justified Criticism?
During last year’s Carabao Cup final between Chelsea and Liverpool, Gary Neville infamously labeled Chelsea a "billion-pound bottle job." At the time, the remark seemed excessive, but as the club’s struggles persist, it now appears increasingly relevant—albeit not necessarily for the players, but for the ownership group under Clearlake Capital and BlueCo.
Since their takeover, Chelsea has spent over £1 billion on transfers, raising expectations both among fans and from rivals. Despite this financial outlay, the squad remains unbalanced, lacking elite players in key positions. The defensive unit, once marshaled by the experienced Thiago Silva, now lacks a seasoned leader.
The midfield boasts the talents of Enzo Fernández and Moisés Caicedo, yet both have appeared fatigued and overworked due to a lack of adequate depth. The attacking department remains unreliable, with wingers showing inconsistency, Nicolas Jackson struggling for form, and Cole Palmer frequently double-marked out of games. Meanwhile, the goalkeeping situation remains a major concern.
That said, both Palmer and Caicedo have largely justified their price tags with their performances, while Fernández is beginning to showcase his immense potential. However, given the club’s total expenditure, Chelsea should boast world-class options in every department rather than being left with gaps in crucial areas.
The club’s investment strategy contrasts sharply with that of their rivals. Liverpool’s astute acquisitions, such as Mohamed Salah and Virgil van Dijk, continue to pay dividends, Newcastle United’s carefully structured squad development has been commendable, and Manchester City remains the blueprint for strategic spending. In contrast, Chelsea’s excessive expenditure has failed to yield a competitive squad, prompting justified criticism from the Blues' supporters demanding accountability.