BlueCo have not been scared to do things differently since taking over Chelsea.
Never-before-seen accountancy tricks have got Chelsea out of PSR trouble; their transfer strategy is completely novel; and commercially, the club – who still do not have a front-of-shirt deal – are certainly not following football’s conventional wisdom.
Some of these innovations have been successful. Others, less so.
Chelsea have been unable to wriggle off the hook when it comes to UEFA’s spending rules, for example. And for the next four years, they are required to comply with the exacting terms of financial measures imposed on them by European football’s governing body in the summer.
Have Chelsea made the right decision to wait so long for a front-of-shirt sponsor?
“Chelsea’s approach to front-of-shirt sponsorship is baffling. They clearly have a view about their brand value and merchandise. One can only assume that isn’t being replicated by interested parties.
– Kieran Maguire, football finance expert
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The Blues’ recruitment under BlueCo has been a mixed bag too. For every Cole Palmer or Moises Caicedo, there has been a Mykhailo Mudryk or Raheem Sterling.
In short, the jury is still out over the whole BlueCo project. What’s clear, however, is that the American private equity owners are in it for the long haul.
Supercharging commercial income is central to their grand plan for the club, and developments this week give a flavour of the kind of thing Todd Boehly, Behdad Eghbali and their colleagues in the boardroom have up their sleeves.
Chelsea consider changing badge for first time since 2005
While Chelsea are still on the hunt for a front-of-shirt partner, the club is locked into its kit deal with Nike until the end of 2031-32.
Nike, with the club’s blessing, have experimented a little with the club’s crest in their time at Stamford Bridge. This season’s third kit, for example, features an older iteration of the badge, while last season’s equivalent sported the club’s lion insignia.
Photo by Jose Breton/Pics Action/NurPhoto via Getty Images
And according to kit experts Footy Headlines, who frequently are first to breaking news in the industry, Chelsea and Nike are considering using the lion insignia on next season’s home shirt.
It would be the first time since the 2004-05 season that the home kit would feature a new badge. Arsenal and Liverpool have followed a similar path in recent years, with the trend in the industry being towards stripped-back, logo-style badges.
Why are Chelsea considering crest change?
Chelsea have increased their retail output considerably since the BlueCo takeover, with streetwear ranges and a broader merchandise offering now for sale at Stamford Bridge, online and beyond.
According to the Deloitte Football Money League, Chelsea earned £207m in commercial income in 2024-25, which was comfortably the lowest of the so-called Big Six.
Granted, most of that discrepancy was due to the lack of a front-of-shirt deal, but Chelsea are falling behind even factoring in the £40-60m of annual revenue they have lost from that palaver.
BlueCo have lost over £1bn since Chelsea takeover
Is this sustainable? What’s Clearlake’s masterplan to claw back these losses?
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Maximising income by experimenting with new badges, kit designs, fashion ranges and so on is, therefore, something BlueCo are looking to do to bridge the gap.
“We’re seeing this kind of trend a lot these days,” says University of Liverpool football finance lecturer Kieran Maguire, speaking exclusively to the Chelsea Chronicle.
“Chelsea are broadening the brand. Historically, it has been a very narrow focus as a football club. But if you can make it a leisure, streetwear and entertainment brand, you have the opportunity to sell a lot more products.
“If you look elsewhere, this kind of campaign has gone down an absolute storm. You’re looking for cultural crossover. You do, however, have to be careful not to make it look artificial. It has to at least appear to happen organically.
Photo by Robin Jones/Getty Images
“If you look at the figures published in the Deloitte Football Money League as well as the club’s accounts over the last few years, they are lagging behind the rest of the Big Six. The lack of a front-of-shirt deal is part of that, of course, but BlueCo will also be looking to get creative with how they increase revenue from retail, sponsorship and so on.
“It’s an indispensable part of the game now, if you want to be able to compete on the pitch.”
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