Jamie Carragher Slams Todd Boehly’s Chelsea Project: £2 Billion Spent, But No Progress
When Todd Boehly and his Clearlake Capital consortium took over Chelsea Football Club in 2022, fans were full of hope. With deep financial backing and a promise of long-term stability, supporters believed a new golden era at Stamford Bridge was just around the corner — one that would bring Premier League dominance and consistent Champions League success.
Three and a half years later, however, the reality looks very different. Former Liverpool defender and Sky Sports pundit Jamie Carragher has delivered a brutal verdict on Chelsea’s decline under Boehly, despite a staggering £2 billion transfer spend.
“They [Chelsea] are no closer — they’re further away than what that manager [Tuchel] was doing three-and-a-half years ago in terms of competing with the top teams in the Premier League. They’re further away having spent two billion pounds.”
Carragher’s words hit hard, and they perfectly sum up the current crisis at Stamford Bridge.
From Champions of Europe to Chaos
In May 2021, under Thomas Tuchel, Chelsea reached the pinnacle of European football. They defeated Pep Guardiola’s Manchester City in the Champions League final, showcasing tactical discipline, defensive resilience, and a counter-attacking threat that made them one of the most feared sides in Europe.
At that moment, Chelsea were widely regarded as the third-best team in Europe — behind only City and Liverpool, with Real Madrid also in contention. Many believed Tuchel’s side had the perfect foundation to build upon.
But that Champions League triumph now looks like Chelsea’s last great moment before the downward spiral began.
The Boehly Experiment: Long Contracts, Little Stability
When Boehly’s ownership group took charge, one of their first major calls was to sack Tuchel. The decision shocked fans and pundits alike, especially given Tuchel’s achievements and ability to steady the club through turbulence.
In his place, Chelsea shifted toward a radical long-term “investment model.” Young talents were stockpiled on unusually long contracts — eight, nine, even ten years — a financial strategy aimed at spreading costs and locking in potential stars for the future.
On paper, it looked innovative. In practice, it has caused instability and delivered little on the pitch.
£2 Billion Spent, But No Identity
Despite signing elite young players such as Enzo Fernández, Moisés Caicedo, Mykhailo Mudryk, Cole Palmer, and Benoît Badiashile, Chelsea lack a clear football identity.
-
They don’t have Manchester City’s precision.
-
They don’t match Liverpool’s intensity.
-
They don’t show Arsenal’s tactical structure under Mikel Arteta.
Instead, Chelsea often look like a team of talented individuals thrown together without leadership or direction.
This raises difficult questions:
-
Who is the leader in the dressing room?
-
What style of football defines Chelsea in 2025?
-
Are they building to win now, or just gambling on the future?
For Carragher, the answers are obvious — Chelsea are worse off than when Tuchel left, despite spending billions to “fix” the squad.
Young Talents, But No Balance
Chelsea’s transfer policy has brought in incredible prospects, but football is not a video game. Many of these players are still learning, and throwing them into the intensity of the Premier League without experienced leaders has exposed their weaknesses.
Meanwhile, proven veterans who could provide balance and guidance have either been sold or sidelined. The result is a squad bursting with potential but lacking direction, character, and consistency.
Fans Divided on the Project
Carragher’s assessment has divided Chelsea supporters.
Some agree with him:
-
“He’s right. Under Tuchel, we were feared. Now we’re just gambling on kids.”
-
“£2 billion spent and we’re further from City than ever. It’s embarrassing.”
Others defend the project, urging patience:
-
“This rebuild is about the long term. Judge us in five years.”
-
“Yes, it hurts now, but once these players grow together, we’ll dominate.”
This debate highlights the biggest question of all: is Boehly’s Chelsea a visionary long-term project, or reckless mismanagement disguised as ambition?
What’s Next for Chelsea?
For head coach Enzo Maresca, the challenge is enormous. To turn Chelsea around, he must:
-
Build a tactical identity strong enough to compete with City and Liverpool.
-
Develop leadership within a very young squad.
-
Deliver results while overseeing a generational rebuild.
If he fails, Carragher’s words may prove prophetic — Chelsea could continue sliding further away from the elite instead of closing the gap.
Conclusion: A Legacy at Risk
Under Roman Abramovich, Chelsea built dynasties, dominated English football, and twice lifted the Champions League trophy. They were feared across Europe as a ruthless, intelligent club that combined financial strength with smart management.
Under Todd Boehly, Chelsea still have the money, but not the results. The £2 billion gamble has left them weaker, not stronger, and the club now faces a crucial crossroads.
Whether this project becomes a long-term success story or a cautionary tale will depend on how quickly Chelsea can rediscover their identity — before it’s too late.