Chelsea have had a few remarkable transfer summers since their forced sale from Roman Abramovich’s control in May 2022.
Once again they were big spenders, outlaying £349m on 11 signings such as Morgan Rogers, Maxence Lacroix and Emiliano Martinez.
But there was something different this time.
Chelsea actually made a trading profit after selling 17 players.
Another 22 were loaned out, four of those with either sell-on options or obligations totalling more than £140m.
It meant a staggering 39 players left the club – and that is not including the four young players who were released.
And, remarkably, after all that, the Chelsea website still lists a first-team squad on their books of 30 players.
Here, we break down the Blues’ remarkable summer of 50 deals, focusing on their 39 sales.
Who left on permanent deals
Chelsea’s internal figures suggest the club generated more than £500m in player departures during the summer window.
This includes loan fees and is a total that would represent a world record.
Earlier this week BBC Sport’s calculations, carried out by FootballTransfers.com founder Paul Macdonald, put the incomings at £349m and the outgoings at £382m.
That figure did not include any potential loan option/obligation fees, or future clauses which are dependent on achieving certain targets.
Chelsea estimate they have made a profit of about £120m on transfer activity.
Whichever way you add it up, their summer represents a staggering, record-breaking period of player trading in European football.
Among the 39 players sold or loaned out were Enzo Fernandez, whose £125m move to Manchester City matched the British transfer record, and Senegal striker Nicolas Jackson, who joined Aston Villa for £65m.
Spain full-back Marc Cucurella moved to Real Madrid for £51.8m, while Liam Delap and Andrey Santos were each sold in deals worth around £50m.
In fact, Chelsea had five sales above £40m, or seven if you include two loans that have a £75m option (Mykhailo Mudryk to Tottenham) and a £43m obligation (Alejandro Garnacho to Villa).
To put that into context, there were four £40m-plus signings in the whole of Serie A, two in La Liga and four in the German Bundesliga.
Chelsea transfer departures, summer 2026
NameMoved toTransfer fee1.Enzo FernandezManchester City£125m2.Nicolas JacksonAston Villa£65m3.Marc CucurellaReal Madrid£51.8m4.Liam DelapNottingham Forest£50m5.Andrey SantosManchester United£50m6.Trevoh ChalobahComo£25.7m7.Tyrique GeorgeEverton£24m8.Marc GuiuRB Leipzig£14.6m9.Tosin AdarabioyoTottenham Hotspur£12m10.Jimmy-Jay MorganWest Bromwich Albion£4m11.Chris AthertonIpswich TownUndisclosed12.Jeremiah Berkeley-AgyepongReadingUndisclosed13.David FofanaServetteUndisclosed14.Omari KellymanStrasbourgUndisclosed15.Frankie RunhamIpswich TownUndisclosed16.Deivid WashingtonStrasbourgUndisclosed17.Joseph Wheeler-HenryBrentfordUndisclosed
Who left on loan
NameMoved toLoan future fee1.Genesis AntwiStrasbourgn/a2.Benoit BadiashileNapoli£23.1m option3.Axel DisasiCrystal Palacen/a4.Kiano DyerChesterfieldn/a5.Dario EssugoStrasbourgn/a6.Alejandro GarnachoAston Villa£43m obligation7.Ollie HarrisonAFC Wimbledonn/a8.Filip JorgensenStrasbourgn/a9.Ryan Kavuma-McQueenPortsmouthn/a10.Max MerrickHartlepool Unitedn/a11.Shumaira MheukaCelticn/a12.Mykhailo MudrykTottenham Hotspur£75m option13.Harrison Murray-CampbellKV Kortrijkn/a14.Dujuan RichardsAFC Wimbledonn/a15.Ishe Samuels-SmithNotts Countyn/a16.Robert SanchezComoundisclosed option17.Hudson SandsDulwich Hamletn/a18.Mamadou SarrReal Sociedadn/a19.Dastan SatpayevBurnleyn/a20.Reggie WalshWigan Athleticn/a21.Caleb WileyPreston North Endn/a22.Kaiden WilsonRochdalen/a
What has been stark is Chelsea’s willingness to do business with Premier League clubs, including their rivals.
Arsenal are the ‘big six’ club to have signed the most Blues players under the current ownership, recruiting Noni Madueke, Kai Havertz and Kepa Arrizabalaga among others.
Chelsea have also completed eight deals with Aston Villa in four years – a figure matched only by the number of Brighton players who have moved to Stamford Bridge during the same period.
They also did business with Tottenham for the first time in 17 years when winger Mudryk joined Spurs on loan.
It was also the first loan move between the clubs in 34 years.
Yet again there were more deals with sister club Strasbourg this summer – two transfers and three loans.
Has Chelsea’s strategy finally started to pay off?
Does this all show Chelsea’s recruitment strategy, which has attracted significant criticism over the years, has finally started to deliver, at least financially?
Or has it been a sign of sorting out the transfer chaos of the first four years under Todd Boehly and Clearlake Capital?
For most of their tenure, the strategy centred on signing young players to long-term contracts and rapidly rebuilding a squad largely inherited from the Abramovich era – a process that initially came at considerable expense.
Spending on transfer fees has overall significantly exceeded income from player sales – and the club subsequently breached Uefa’s financial controls, resulting in a fine and a settlement agreement.
Chelsea also controversially remained within Premier League financial regulations after selling assets, including two hotels and the women’s team, to companies within the club’s ownership structure.
Since then, they have increasingly focused on trying to balance their spending by generating significant transfer income.
Before this summer, Chelsea had already recorded sales total of £236m, £178m and £289m in successive summers.
What does that mean?
Put simply, Chelsea have spent almost £2bn across nine transfer windows, but have generated more than £1bn through player sales in this time.
Image source: Getty Images
Image caption: PSG president Nasser Al-Khelaifi (left) with Chelsea co-owner Behdad Eghbali
A new approach after season of turmoil
Chelsea’s chastening 8-2 Champions League defeat by Paris Saint-Germain last season was a turning point.
The discontent that had simmered behind the scenes – and in the stands – became harder to ignore.
Players, including Fernandez and Cucurella, publicly questioned aspects of the club’s direction, while supporter protests reflected a growing sense of frustration during a difficult period on and off the pitch.
A 10th-placed Premier League finish last season only intensified scrutiny amid a growing acknowledgement within the club that change was needed.
Senior figures began speaking to experienced players to gather feedback with the aim of addressing some of the concerns.
Some, like Fernandez, were unconvinced and pushed to leave, but Moises Caicedo, Reece James and Joao Pedro renewed their contracts.
Influential co-owner Behdad Eghbali also publicly acknowledged the need to “tweak the model”, improve decision-making and learn from mistakes.
Chelsea appointed Xabi Alonso as manager, believing he had the profile and authority to command the dressing room.
Recruitment was also reassessed.
Previous managers had highlighted shortcomings within what had been the Premier League’s youngest squad for two consecutive seasons.
Those concerns ranged from a poor disciplinary record and difficulties defending set-pieces to lapses in concentration, inconsistent finishing and, ultimately, inconsistent results.
Sources around the club have also described a dressing-room culture affected at times by high turnover, with some feeling the pace of change became too rapid and relationships too transactional.
The arrivals of Jordan Henderson, Danny Welbeck and Argentina keeper Martinez, the oldest players Chelsea have signed since Pierre-Emerick Aubameyang in 2022, are intended to bring experience and leadership to a youthful group.
Rogers and Lacroix have also arrived with proven Premier League pedigree and physical presence, although the club’s commitment to recruiting elite young talent remains unchanged.
The adjusted approach amounts to an acknowledgement that elements of the previous strategy fell short, while retaining the principles that have enabled Chelsea to generate significant transfer profits.
Whether it leads to success on the pitch this season remains to be seen.
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