Chelsea spending spree under Todd Boehly hits £1bn with Cole Palmer deal

Chelsea have added Cole Palmer to their stack of young attacking talent – Getty Images/Harriet Lander

Chelsea’s spending under the club’s Clearlake Capital-Todd Boehly ownership has topped £1billion following the signing of Cole Palmer.

Palmer has joined for a guaranteed £40million, plus £2.5million in add-ons, which means the club have now spent over £1billion on players in three transfer windows since the Clearlake-Boehly takeover.

The £448.5 million spent by Chelsea this summer – which included the £115 million British record deal for Moises Caicedo – is also a world record for one window, but it has been offset by over £200 million being made in player sales.

Palmer has signed a seven-year contract at Chelsea, with the option of a further 12 months, and said: “I’m excited to get started and it feels great to sign. I’ve joined Chelsea because the project here sounds good and because of the platform I will have to try to showcase my talents. It is a young and hungry squad and, hopefully, we can do something special here.”

Chelsea’s co-sporting directors Laurence Stewart and Paul Winstanley said: “Cole arrives with experience of winning the Premier League and Champions League, and adds further quality and versatility to our attacking unit.

“He has showcased his talent and potential in the most challenging environments and delivered on the international stage for England this summer at the European Under-21 Championships. He is undoubtedly ready for this next step and we are delighted it will be with Chelsea.”

With Palmer’s signing confirmed, Chelsea are spending deadline day working on more player exits, with Callum Hudson-Odoi joining Nottingham Forest for an initial fee under £5 million.

Chelsea turned down a bid of £35 million from Bayern Munich for Hudson-Odoi four years ago, but injuries and loss of form have impacted his progress and, with only 12 months remaining on his lucrative contract, the Blues were forced to accept a cut-price deal for the 22-year-old.

Chelsea have negotiated a significant sell-on clause in Hudson-Odoi’s Forest deal, which means the club could still cash in if the winger can revive his career and realise his potential.

Bayern Munich remain in talks to try to land Trevoh Chalobah on loan before the German transfer window shuts at 5pm UK time and Chelsea are still braced for a late bid from Tottenham Hotspur for Conor Gallagher.

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