Chelsea’s financial situation could become a lot worse if the club fail to secure European football next season.
BlueCo have spent well over £1 billion since taking over at Stamford Bridge in 2022, but missing out on Europe next season would create significant financial problems at a time when the American owners are already under growing pressure to balance the books.
Although there is still hope the Blues can pinch a spot in Europe next season, it's not guarenteed and that could force to the club into offloading one of their most valuable homegrown talents.
Consequently, according to reports in Spain, two of La Liga's biggest clubs are watching Chelsea's situation closely and could take advantage.
Real Madrid will want Levi Colwill if Chelsea are forced to sell
Unfortunately for Levi Colwill, homegrown academy graduates will always attract attention in these situations because of how valuable they are from a PSR perspective.
Spanish outlet Marca believe both Real Madrid and Barcelona would hold strong interest in the 23-year-old if Chelsea ever considered cashing in.
Colwill has definitely grown to become one of the Blues' most important players. Despite missing the majority of the season with an ACL injury, his recent return has seen him slot back in seamlessly.
Not only is the Englishman an elite ball-playing left-footed centre-back, but his physicality and defensive stability makes him one of Europe's most solid defenders.
His profile fits perfectly with the type of player both Spanish clubs are looking for, and while both have other priorities this summer, future interest should not be ruled out, especially if Chelsea fail to secure European football.
Los Blancos may not have the same pull though
It might not be all bad news for Chelsea, though. Colwill, who is under contract until at least 2029, has remained loyal to the Blues; the club he joined a young boy.
While most players dream of playing for Real Madrid, Colwill appears to be fully committed to Chelsea.
Speaking to BBC Sport before the side faced PSG in last year's FIFA Club World Cup final, Colwill explained how different Chelsea were stylistically compared to Real Madrid.
"They [PSG] were really good. But Real Madrid are very different to us.
They don't press like us or play like us. They can't expect us to give them the same game.
We're going to bring different things. We're different players... We're confident in ourselves to win the game."
His comments were obviously not in relation to which club he wants to play for, but it certainly pointed toward scepticism over Madrid's waining elitist reputation.
While Los Blancos and Barcelona will always be in the conversation whenever a top player becomes available, Chelsea should still believe they can build around players like Colwill, even more so now Xabi Alonso will take charge.
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