That is because well over £1 billion ($1.3bn) has been invested in fresh faces since Todd Boehly and Co completed a big-money takeover of the club in 2022. Chelsea appeared to have a long-term vision in mind, with many new additions considered to be ones for the future as they were tied to contracts of seven years-plus. Consistency has proved to be an issue, though, with the Blues being accused of giving little thought to who they are bringing in.
Carragher has written in The Telegraph: “Chelsea have achieved the near impossible since Roman Abramovich sold up. They have spent £1.5bn to transform themselves from serial winners of major trophies to serial project managers. The club who once sent fear through their Premier League rivals with their determination to win big prizes right here, right now, appear to be preoccupied with building for the future.
“Chelsea should be title contenders and considered Champions League challengers this season. Instead, their hierarchy seems content to be praised for being the smartest recruiters in the business – the world’s richest development club. It is a head-scratcher as to how anyone can spend so much over the past three years and still come into another season with relatively modest ambitions and expectations upon them.”
Chelsea enjoyed another busy summer in 2025, acquiring the likes of Alejandro Garnacho, Liam Delap, Joao Pedro, Jamie Gittens and Estevao Willian. Carragher is not convinced that the right boxes were ticked – with Maresca considered to still be in need of a reliable first-choice goalkeeper.
Carragher added: “The glaring flaws last season were in goal and at centre-half. Despite 12 new arrivals over the summer, those areas remain the Achilles’ heel. Rather than focus on positions in need of urgent attention, Chelsea appear to be obsessed with collecting wingers.”
Maresca, with Chelsea dropping seven points through five games at the start of the 2025-26 campaign, has already conceded that it may be “impossible” to catch defending champions Liverpool in another title race – with the faultless Reds five points clear of the chasing pack.
Carragher believes that mentality, and level of performance, is not good enough. He went on to say of the Blues and their collective ambition: “Over the past 21 years Chelsea have propelled themselves to become the fourth most successful English club in terms of honours. They became one of the world’s biggest clubs, not just by massive spending, but by embracing the annual pressure and expectation that comes with such status. Until they get back to those days, they will go into every season content to qualify for and participate in the Champions League, rather than believe they should be winning it.”
Chelsea have won just one of their last four games in all competitions – with that solitary success coming against League One side Lincoln City in the Carabao Cup third round. They dropped Premier League points against neighbours Brentford and in a dramatic clash with Manchester United at Old Trafford. Defeat was also suffered against Harry Kane and Bayern Munich in their Champions League opener.
A spark is still being sought by the Blues, with talismanic No.10 Cole Palmer nursing an untimely injury that has prevented him from figuring as prominently as Maresca would have hoped. Another opportunity to start building momentum will present itself in a run of three successive home games. The first of those comes against Brighton Saturday, before Jose Mourinho returns to the Bridge with Benfica next Tuesday and Liverpool pay a visit to west London on October 4.
