If the ambition is to build a dynasty, there is little point in reading too much into the outcome of one game. At Chelsea, where preparations for the first men’s final under Todd Boehly and Clearlake Capital are almost over, they know it is still too early to get carried away. No one, not even a club that has faced so much criticism since entering English football, will fall into the trap of thinking the job is done when Mauricio Pochettino’s side beat Liverpool in the Carabao Cup final on Sunday.
Likewise, there will be those within Stamford Bridge who will claim some form of vindication when Chelsea sees the first tangible return on Boehly and Clearlake’s investment in the squad over the past two years. The spot has not gone unnoticed. Schadenfreude is the best way to describe the reaction to Chelsea’s slide into mid-table obscurity among owners who have employed five managers and spent around £1 billion on signings in three transfer windows.
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The appraisals were not kind. Boehly and the other co-controlling owners, Behdad Eghbali and José Feliciano, have been accused of being brash and overbearing. Some supporters complain that their bond with the club has been broken. The mood was feverish during last month’s home defeat to Wolves.
But while it is common to hear people within football ask whether Chelsea want to build such a young squad, there is outrage within the club over the claim that they have no plan. There is a plan. The real question is whether it will work.
Opinions vary. “He doesn’t know what he’s letting himself into,” a source said when Pochettino took over as manager last summer. People described the training ground as a toxic environment. There was a massive clear-out, older players left and Chelsea stepped up their youth project. Spending accelerated when they signed Moisés Caicedo for £115 million.
The progression was astonishing. Pochettino has battled with his side’s inexperience. He has complained about stupid red cards, nonchalant defending and poor finishing. The injuries hit hard. The treatment room is full and Chelsea have played most of the season without captain Reece James. They are a different team when James plays.
But every now and then you get a glimpse of what this young team can achieve. Chelsea were humiliated at Liverpool last month and then by Wolves. Chelsea responded by knocking Aston Villa out of the FA Cup, beating Crystal Palace and holding on in last week’s 1-1 draw with City.
Chelsea were inventive and dangerous during half-time against City. Pochettino’s game plan worked until his team tired and City adjusted their system in the second half. “You see moments of tactical brilliance from Mauricio,” said a source.
Chelsea are happy with Pochettino even though they are in tenth place. The defeats against Wolves and Liverpool gave the team a shock.
The positive response is a sign that the players are behind Pochettino, who has given them belief and a plan. It also helps that he has a strong relationship with the board. If he is tense at times, it is not due to pressure from above. Chelsea remember the abrupt dismissals of Thomas Tuchel and Graham Potter last year. They know their manager needs to feel supported.
A harmonious atmosphere helps. When Tuchel’s Chelsea met Liverpool in the Carabao Cup final two years ago, Roman Abramovich had just relinquished control of the club following the Russian invasion of Ukraine. Boehly and Clearlake had a blank canvas when they arrived. The first summer was chaotic. Boehly acted as interim athletic director. There was no strategy for many signings.
The dynamics are different now. Boehly has taken a step back and Chelsea has built a recruiting structure. Paul Winstanley and Laurence Stewart have arrived as co-sporting directors. Joe Shields, co-director of recruitment and talent, is popular. Chelsea will hope that in two or three years their rivals will fear them.
Will it work? Outsiders have mocked the sporting directors, but Chelsea have not joined the negativity surrounding Stewart and Winstanley. An admission that Caicedo and Enzo Fernández cost too much is accompanied by a comment on how well the two South Americans performed against City’s midfield.
Malo Gusto, 20, has emerged as a viable cover for James. The feeling is that Chelsea are better without 39-year-old centre-back Thiago Silva, who is doubtful for the final. Axel Disasi, 25, and Levi Colwill, 20, showed personality in central defense against City. Cole Palmer was one of the signings of the season.
The view is that Stewart and Winstanley did well given the circumstances. Longtime employees are encouraged by the changes taking place. Chelsea wants to help Stewart and Winstanley go from good to great. They want to improve the medical department and add more data-driven scouting. Brighton’s head of recruitment Sam Jewell will join Chelsea later this year.
Maybe Chelsea will have the last laugh. They have focused on reducing their wage costs, and by signing players to incentivized eight-year deals they have been able to spread the costs of transfers thanks to the accounting practice of depreciation. Whether that plan survives the Premier League clubs’ decision to limit the time over which transfer payments can be spread to five years remains to be seen. Financial fair play is a factor, even if Chelsea are confident they will not step out of line. Fans would not approve of players being sold out of the academy because of the end result.
Financial reality could bite. A win over Liverpool would put Chelsea in the Europa Conference League, but they need to be in the Champions League and they are 14 points below fourth place. They remain a work in progress.
But the mood remains calm. Just as losing at Wembley wouldn’t mean the project failed, winning wouldn’t mean it succeeded. After all, it took Jurgen Klopp four years to win his first trophy at Liverpool. “Success is not measured by games,” said one source. “It is measured in years.”