Chelsea co-owner Todd Boehly is a divisive character, but the private equity billionaire is hailed as a positive disruptor by many in the sports business sphere.

Since the takeover he orchestrated in the summer of 2022 alongside Clearlake Capital and a cohort of fellow billionaires, Chelsea have done things very, very differently.

Todd Boehly, who will be chairman at Stamford Bridge until at least 2027 under the terms of his agreement with Behdad Eghbali, has sanctioned an extraordinary level of investment in new signings.

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And while their transfer spending settled down a little in net terms, the sheer volume of deals in and out of the club – some of them facilitated by sister club Strasbourg – is astonishing.

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Under Profit and Sustainability Rules (PSR), Chelsea are okay. Their use of intra-company transactions loopholes, such as selling on-site hotels to themselves for an artificial profit, has ensured that.

But while the Premier League system is full of lacunas, the same can’t be said of UEFA’s equivalent.

Chelsea have been forced to reach a settlement with UEFA for breaching their Football Earnings threshold and Squad Cost Ratio rule. Over the next...