Chelsea's squad at the end of the 2024 financial year was the most expensive ever in terms of transfer fees per the annual European Club Finance and Investment Landscape report, commissioned by UEFA.
The publication analyses all of Europe's top leagues through submissions and detailed reviews. Its findings paint a vivid picture of the scale at which Premier League clubs are shelling out fees and accruing revenue.
The study found that English clubs' transfer spending increased by 17% to a record €2.1 billion ($2.2bn) in 2023. Of the 20 most expensive squads in the world, nine are from from the Premier League.
This list is topped by Chelsea, who since being taken over by Todd Boehly and Clearlake Capital in the summer of 2022 have signed 41 players across six transfer windows.
The report found that their squad at the end of the club's 2024 financial year was officially the most expensive ever assembled, with a combined transfer cost of €1.656bn. It comfortably surpassed the value of the Manchester United's squad of 2023, which cost €1.422bn.
Audited figures from the club's financial statements showed that across a five-year period from July 2019 to June 2024, their spending far exceeded that of any other European club.
They spent / invested just under €2bn in transfer fees during this period, two-thirds more than the next highest club Manchester City (€1.175bn) and Arsenal (€1.145bn) and considerably more than Barcelona (€733m) or Liverpool (€657m). the report found.
Chelsea's exorbitant spending under Boehly-Clearlake has yet to translate to on-field success, with the club failing to qualify for the Champions League or win a trophy under their leadership.
Ahead of their clash against Southampton at Stamford Bridge on Tuesday, a group of Chelsea fans held a protests against the way the club is being run.
