Adam Williams has now exclusively shared a financial update on Chelsea with TBR Football.

The Blues have spent roughly £1.5bn on players since the American took over from Roman Abramovich at Stamford Bridge back in May 2022 – but only have the UEFA Conference League and FIFA Club World Cup to show for it.

Photo by Darren Walsh/Chelsea FC via Getty Images

Adam Williams has now provided details, after TBR Football asked the Head of Football Finance and Governance Content for GRV Media how those in the boardroom at Chelsea feel about their excessive spending.

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Williams said: “It’s hard to know how satisfied Chelsea’s owners are with the club’s spending. They were always prepared to invest billions on top of the price they paid for the club, and the aim was to build a portfolio of assets that they could trade to create a fourth reliable revenue stream after matchday, commercial and media income.

“Effectively, they were industrialising the player-trading process. Will they judge it to have been a success so far? Well, that depends. Clearly, investing over...