Chelsea could rise almost £300million by selling 10 players with the Blues set for a major clear-out this summer as they look to comply with the Premier League’s Profit and Sustainability Rules (PSR).
Last week, the club announced a pre-tax loss of £90.1m in the first full year under Todd Boehly and Clearlake Capital’s ownership.
Accounts filed by Chelsea FC Holdings Limited revealed the loss for the 12-month period through to June 30, 2023.
Chelsea had made a loss of £121.4m the previous year, which the club blamed on sanctions imposed on the club’s former owner Roman Abramovich.
The most recent set of figures raise further doubts over Chelsea’s ability to comply with PSR, which limit clubs to losses of £105m over a three-year period.
Boehly has spent over £1bn on players in four transfer windows at Stamford Bridge, but before embarking on another spending spree he must balance the books.
It was therefore no surprise to see him meet Michael Emenalo, a former Chelsea executive and now the Saudi Pro League’s director of football, during a recent visit to Riyadh.
The Kingdom remains arguably Chelsea’s best bet to raise funds. The Blues sold Kalidou Koulibaly and Edouard Mendy to Al-Hilal and Al-Ahli last summer to raise £33million, while N’Golo Kante joined Al-Ittihad on a free.
Through no fault of his own, Gallagher has become the poster boy for Chelsea’s PSR issues and was linked with a switch to Tottenham throughout the January transfer window.
Selling an academy product like the 24-year-old would allow the Blues to book the entire transfer fee as profit, thus creating some much-needed financial breathing space.
But Gallagher’s situation is complex. The midfielder has been one of Chelsea’s best players this season, scoring four goals and recording seven assists in 37 games in all competitions, and is no hurry to leave Stamford Bridge.
Mauricio Pochettino has indicated he would like to keep Gallagher, but conceded the final decision may not ultimately rest with him.
To compound the Blues’ problems, the England international’s contract runs out at the end of next season, meaning potential suitors could try to negotiate a lower fee or sign him as a free agent if he fails to agree to a contract extension.
The prospect of Chelsea selling Sterling less than two years after signing him for £50m may not be as far-fetched as it sounds.
The England international is Chelsea’s highest-paid player and getting his £300,000-a-week contract off the books would be financially significant.
Sterling is only 29 and has another three years left on his contract, meaning the Blues could command a large fee from any interested party.
The former Liverpool and Manchester City forward reportedly snubbed a lucrative offer from a Saudi Arabian club in the summer and it would not be surprising if the scenario played out again at the end of the season.
Raheem Sterling is Chelsea’s highest-paid player on a £300,000-a-week salary
Three years after splurging a then-club record fee of £98m to bring Lukaku back to Stamford Bridge, his race at the club appears run.
The Belgian turned down a move to Saudi Arabia last summer to return to Italy, and has impressed for Roma this season, scoring 18 goals in 36 games in all competitions.
According to reports in Italy, Chelsea are prepared to let the 30-year-old leave on a permanent basis for £37m, the value of his release clause.
While the relatively modest fee should generate plenty of interest, Lukaku’s wages – believed to be worth around £10m-a-year – could be a stumbling block.
Romelu Lukaku looks set to leave Chelsea after spending the last two seasons on loan at Inter Milan and Roma respectively
Five years after becoming the most expensive goalkeeper in history as he moved to Chelsea for £72m, Arrizabalaga finds himself marooned on the bench in Madrid.
The Spaniard joined Real in the summer on a season-long loan after regular Los Blancos shot-stopper Thibaut Courtois ruptured his ACL.
In October, Mail Sport reported Arrizabalaga made it clear he was keen to make the move to Madrid permanent, but he has since lost his starting spot to Andriy Lunin.
The development poses an issue for Chelsea, who may have to take a considerable financial hit to part ways with the 29-year-old.
As Mail Sport reported in January, Chelsea inserted a £35m release clause in the contract Maatsen signed when he joined Borussia Dortmund on loan in January.
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The new deal keeps the Dutchman at Stamford Bridge until 2026 but the Blues are expected to listen to offer for the left-back, who has been a regular for the Bundesliga side.
As with Gallagher, selling an academy product like Maatsen would allow Chelsea to book the entire transfer fee as profit.
Ian Maatsen has a £35m release clause in his contract, which expires in June 2026
As is the case with Maatsen and Gallagher, selling Hall would allow Chelsea to book a hefty profit due to his academy roots.
The 18-year-old has spent the season on loan at Newcastle and Mail Sport reported in August the two clubs have already agreed a £28m transfer fee to make the switch permanent in the summer.
Chelsea were prepared to sacrifice Broja on the altar of PSR rules in January, but suitors were put off by a £50m price-tag.
The Albanian international was eventually loaned to Fulham but his move across south west London has so far failed to paid off, with the 22-year-old playing a combined 50 minutes across five Premier League games.
As an academy graduate, Broja is a prime candidate to be offloaded this summer.
Another homegrown player who has been on the fringes of Pochettino’s squad, Chalobah looks set to leave Stamford Bridge in the summer.
The defender was linked with a move away in January and will be on the chopping block come the end of the season.
Cucurella looked set to leave Stamford Bridge last summer, but eventually remained at the club as cover for the injured Ben Chilwell before being himself sidelined for three months.
While fellow left-backs Maatsen and Hall are likelier candidates to depart due to their status as homegrown players, Cucurella’s future remains up in the air as Chelsea look to raise funds.
What appears certain is that Chelsea will have to brace for a huge loss on the £62m they paid for the Spaniard two years ago.
As is the case with Lukaku, Ziyech’s race at Chelsea is run, despite an injury-plagued loan spell at Galatasaray this season.
Chelsea will in all likelihood have to accept a cut-price offer for the Moroccan, whom they spent £34m on two years ago.
