It does not take a particularly sharp financial mind to grasp the dilemma facing Chelsea before the transfer window shuts in less than a fortnight. The market is depressed, everything has to be influenced by concerns around the Premier League’s profit and sustainability rules (PSR) and, in that context, it is hard to fancy Enzo Maresca’s chances of selling Raheem Sterling when the 29-year-old winger still has three years left on a contract worth £325,000 a week.
Maresca, the latest coach tasked with bringing tactical order to Todd Boehly’s and Clearlake Capital’s sprawling project, called it a “technical decision” after dropping Sterling for the 2-0 defeat against Manchester City on Sunday. But in light of another summer of heavy spending, not to mention the grubbiness of unwanted players being barred from using first-team facilities, the alternative view is that this is little more than another cost‑cutting exercise.
After all, is it really plausible that the 18-year-old forward Marc Guiu was a better option off the bench given that Sterling scored twice against City last season? Or that a considered “technical decision” meant the erratic Mykhailo Mudryk was favoured over the most decorated player in Chelsea’s inexperienced squad?
The logic is far from bulletproof. Sterling is perplexed and wants the club to provide clarity on his future. He was involved in pre‑season, was described recently by Maresca as an “important player” and, with wonderful comic timing, was featured in a promotional image when Chelsea proudly unveiled their new sleeve sponsor on Monday morning.
Of course, Sterling’s form has not lived up to expectations since he left City for £47.5m two years ago. He has lost his place in the England squad and has lived through the churn at Chelsea. There have been productive moments – Sterling made decisive impacts during the run-in last season, vital goals against Bournemouth and Nottingham Forest helping Mauricio Pochettino’s team to qualify for Europe – but mostly it has been underwhelming and it is time to move on as far as Chelsea are concerned.
Sterling feels out of place. He was signed during the first summer of the new ownership, when there was more of a focus on acquiring established talent, but the focus has shifted. Chelsea, who remain confident they will comply with PSR, have looked to cut their wage bill and these days there is an emphasis on handing long, incentivised contracts to young talent. There is a great team waiting to emerge, if only anyone can work out how to maintain stability on and off the pitch.
The issue, ultimately, is that the ground is constantly shifting. Will Sterling go? Can anyone afford him? His young family is settled in London and a move to Saudi Arabia does not appeal. Juventus have been linked, but many of Europe’s grand old clubs are not exactly flush with cash. It could come down to whether Chelsea can find a creative workaround with Sterling’s wages.
Yet he is merely one part of Maresca’s puzzle. The Italian is dealing with a bloated squad and has made it clear that players have to be sold. Space in the dressing room is limited. Sterling is under the impression that he will not play for Chelsea again but Maresca still has Cole Palmer, Noni Madueke, Pedro Neto, Mudryk and Christopher Nkunku with João Félix set to join from Atlético Madrid this week.
Conor Gallagher is going in the opposite direction as part of that deal. The situation, according to sources close to the club, is a mess. Sterling is not alone in feeling confused. Gallagher, an academy player, has been cast aside after thriving under Pochettino last season. It is said that he is not technical enough to play for Maresca. It should not be forgotten, though, that money received for homegrown players goes down as pure profit in the accounts.
And so Chelsea have excluded Gallagher from first‑team training and have also exiled Trevoh Chalobah, who was one of their standout defenders at the end of last season. The bomb squad is growing. Armando Broja awaits a buyer and Ben Chilwell, vice‑captain last year, has been told he is not part of Maresca’s plans.
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Napoli are in talks over Romelu Lukaku and Kepa Arrizabalaga is still a Chelsea player. Lesley Ugochukwu and Andrey Santos have gone on loan but what happens to recent hopeful buys such as Deivid Washington, David Datro Fofana, Carney Chukwuemeka, Cesare Casadei and Djordje Petrovic?
The environment, as one source puts it, is too volatile. There is a widespread sense that preferential treatment is afforded to certain signings, demotivating players on the fringes. Flavours of the month come and go. Chukwuemeka, signed from Aston Villa two years ago, was bright for Pochettino before a knee injury at the start of last season. He is richly talented and has been fit for a while but he was overlooked for much of pre-season, was not on the bench against City and has heard Maresca say that he can leave.
It all feels too ruthless. There is a danger that players will look at how teammates are being treated – particularly the academy products – and wonder if it will be them next. Nothing is permanent, other than Chelsea creating problems for themselves.
After all, Sterling did not put himself on £325,000 a week. Who does the deals? Broja, Chalobah and Chilwell were all handed contract extensions by the current owners. They are entitled to wait for the right opportunity and stay put if the right one does not arise, even if it means Chelsea are left with a lot of disgruntled players and a heaving dressing room once the window shuts.