The Athletic FC Podcast: Is Chelsea's Transfer Policy Working?

Episode Date: September 18, 2025
Host: Adam Leventhal
Guests: Simon Johnson (Chelsea Correspondent), Phil Hay (Newsletter Lead Writer)

Episode Overview

This episode examines whether Chelsea’s controversial, youth-centric, high-churn transfer policy is paying off, fresh off a 3–1 Champions League defeat to Bayern Munich. Adam Leventhal, Simon Johnson, and Phil Hay discuss the evolution of Chelsea’s squad, the impact of inexperience in big matches, the ongoing debates about Chelsea’s financial strategies—particularly around PSR (Profit and Sustainability Regulations)—and the latest transfer moves, including Nicolas Jackson’s move to Bayern Munich. The team also explores Chelsea’s recent FA charges linked to the Abramovich era and the ethical and sporting implications of self-reporting historical wrongdoing.

Key Discussion Points & Insights

1. Chelsea’s Champions League Reality Check

[01:29 – 04:14]

• Chelsea fielded a notably inexperienced side in Munich, with half the team making their Champions League debuts.
• Simon Johnson highlighted how only Rhys James remains from the 2021-winning squad; Jamie Gittins (age 21, barely at the club) is now their second-most experienced Champions League player.
• The gulf in experience between Harry Kane (Bayern) and Joao Pedro (Chelsea debutant) was described as "chalk and cheese."
• Simon observed Bayern’s superior composure under pressure and tactical adjustments by Vincent Kompany compared to Enzo Maresca’s inexperience.

“Bayern Munich effectively won the decisive moments... They were able to ride out the storm when Chelsea were on top far better than the other way round.”
Simon Johnson [03:18]

2. The Risks and Imperative of Continuity

[04:14 – 06:38]

• Phil Hay points out that Chelsea’s constant evolution comes at a long-term cost and questions whether they're able to develop much-needed consistency.
• While Maresca’s first season yielded trophies (Club World Cup, Conference League), the next step is now sustaining a bigger impact in the Premier League and Europe.
• Investing heavily in young, inexperienced players inherently raises the risk of naivety on the big stage.

“They’re going to have periods where the status quo is allowed to continue... it's almost like edgy feet syndrome, especially in the transfer market, where they're always tempted by something new.”
Phil Hay [04:42]

3. Maresca’s Response & Chelsea’s Confidence

[06:38 – 08:39]

• Maresca remained calm and optimistic post-defeat, recognizing the experience gap but insisting Chelsea can still be a force in Europe.
• Chelsea’s back-end-of-season wins (vs PSG and Club World Cup Final) have strengthened internal belief despite evident inexperience.

“I have the feeling that we can build something special from this defeat.”
Paraphrased summary of Maresca’s comments, relayed by Simon Johnson [07:44]

4. Will the Transfer Churn Ever Settle?

[08:39 – 10:07]

• Simon Johnson explains that the expectation is for less churn in coming years, with recent summers spent offloading older/high-wage players.
• He concedes, however, that summer outgoings remained high, contradicting hopes for stability.
• Eventually, Chelsea aim to be in a position where only one or two pieces are needed per window, not a wholesale rebuild.

“You want to get to a position where you’re only having to make one or two changes to the squad in a window and not having to introduce new faces every five minutes.”
Simon Johnson [09:49]

5. Squad Size—Liability or Advantage?

[10:07 – 11:39]

• Phil Hay observes a shift: what was mocked as "bloated" may be an asset in an era of fixture congestion.
• Chelsea’s strategy (big squad, lots of depth, resale value focus) may become more standard elsewhere.

6. Transfer Policy Case Study: Nicolas Jackson

[18:24 – 24:53]

• Adam quizzes the panel on previous players who’ve played for both Chelsea and Bayern (answers: Arjen Robben, Michael Ballack, Claudio Pizarro; [19:10 – 19:32]).
• Simon Johnson details Jackson’s friendly reception from old Chelsea teammates; his transfer was driven by both club and player, as Jackson was likely third-choice this season.
• The Jackson-to-Bayern construct (loan with obligation tied to starts/minutes) reflects Chelsea’s new approach to asset management.
• Phil Hay questions the regulatory tolerance for "loans with obligation," suggesting this mechanism mainly serves to sidestep PSR accounting timelines. He praises Chelsea’s knack for recouping or even profiting from players who are not first-choice.

“Chelsea have this fairly remarkable knack of recouping money from the transfer market… They land on their feet financially time and again.”
Phil Hay [25:15]

7. The Multi-Club Model: Strasbourg Link

[29:01 – 31:05]

• Chelsea remain aggressive in nurturing a multi-club pipeline.
• Emmanuel Omega (Strasbourg) is already earmarked as Chelsea’s striker for 2026, effectively replacing Jackson.
• Chelsea's model now includes identifying and signing prospects (e.g. Omega, and winger Kwenda from Portugal) early to secure talent and drive value.

“They see him [Omega] as a very similar player to Jackson, very fast, very good down the channels, running in behind. They just feel like he's got a great ceiling to grow into a top striker.”
Simon Johnson [29:28]

8. The Curious Cold-Shouldering of Raheem Sterling

[31:05 – 32:28]

• Despite his Champions League pedigree, Raheem Sterling is now out of favour at Chelsea, potentially due to his wages and lack of suitors.
• Phil Hay predicts a likely exit for Sterling, possibly to MLS, Mexico, or Saudi Arabia, with Chelsea having to subsidize the move.

9. FA Charges: Chelsea’s Abramovich-Era Payments

[34:26 – 43:06]

• Chelsea face 74 FA charges related to alleged off-the-books payments to agents during the Abramovich era, uncovered as the Boli-Clearlake consortium did due diligence pre-takeover (2022).
• Chelsea self-reported, negotiating a £100m discount on the takeover price to offset the risk.
• Simon Johnson and Phil Hay agree: a self-report is ethically unusual and may lead to a fine rather than a sporting sanction, though sporting advantage (key signings like Hazard, Willian, Eto’o) was clear.

“Admitting to an offense doesn’t change the fact an offense was committed in the first place… The prime question is did these alleged breaches give them an unfair sporting advantage?”
Phil Hay [38:14]

• The panel expects a quick resolution, possibly just a financial penalty, but acknowledges rival fans may be incensed if top players were acquired by breaking rules.

Notable Quotes

• Simon Johnson [03:18]:
  “Bayern Munich effectively won the decisive moments… Chelsea sort of seemed to crack under the pressure a bit.”

• Phil Hay [04:42]:
  “It's almost like edgy feet syndrome, especially in the transfer market, where they're always tempted by something new…”

• Simon Johnson [09:49]:
  “You want to get to a position where you’re only having to make one or two changes to the squad in a window and not having to introduce new faces every five minutes.”

• Phil Hay [25:15]:
  “Chelsea have this fairly remarkable knack of recouping money from the transfer market… They land on their feet financially time and again.”

• Simon Johnson [29:28]:
  “They see him (Omega) as a very similar player to Jackson… They just feel like he's got a great ceiling to grow into a top striker.”

• Phil Hay [38:14]:
  “Admitting to an offense doesn’t change the fact an offense was committed in the first place… The prime question is did these alleged breaches give them an unfair sporting advantage?”

Timestamps for Key Segments

• Reality check: Bayern 3–1 Chelsea and experience gap – [01:29 – 04:14]
• Chelsea’s chronic instability & transfer churn – [04:14 – 06:38]
• Maresca’s optimism and post-match attitude – [06:38 – 08:39]
• Will the revolving door ever stop? – [08:39 – 10:07]
• Size of squad: Blessing or curse? – [10:07 – 11:39]
• The Nicolas Jackson/Bayern move explained – [18:24 – 24:53]
• Multi-club pipeline: Omega & future planning – [29:01 – 31:05]
• Raheem Sterling’s odd-man-out status – [31:05 – 32:28]
• Chelsea’s 74 FA charges, Abramovich-era reporting – [34:26 – 43:06]

Memorable Moments

• [19:10 – 19:32]: Simon, groggy from lack of sleep, is challenged to name players to have played for both Chelsea and Bayern, eventually recalling Arjen Robben.
• [12:04 – 12:37]: Amusing debate about what kind of reception Mourinho will get on his return to Stamford Bridge.
• [39:58 – 43:06]: Discussion about competition between Chelsea and Manchester City over which club’s charges might be resolved first.
• [42:34]: Simon notes Chelsea won’t request an extension to reply to the FA, suggesting confidence in a quick resolution.

Conclusion

This episode rigorously dissects Chelsea’s transfer policy, emphasizing both the calculated risks and financial wizardry underpinning their approach. While their model allows Chelsea to flip players for profit and maintain squad depth, serious questions remain about whether this churn supports competitive success and whether costly regulatory entanglements from the past will be resolved swiftly or spark new controversy. The panel leaves listeners with a sense both of Chelsea’s continuing audacity—and of the long shadows cast by rapid change and rules-bending history.