The 2023 summer transfer window has provided a first for Chelsea Football Club.
Few clubs tend to be busier in the market, but this year is even more frenetic because they are no longer just shopping for players for themselves.
Last month BlueCo, the company the Todd Boehly-Clearlake Capital consortium created when buying Chelsea in 2022, added French Ligue 1 side Racing Club de Strasbourg Alsace to its portfolio. The strategy is still to get Chelsea to succeed, but Strasbourg are hoping to be the first side to benefit from a new multi-club model under BlueCo’s watch.
They have already broken their record for an incoming transfer this summer and more signings are being pursued. But what is BlueCo’s strategy, and how is the relationship between the clubs working so far? The Athletic takes a look.
Why have Chelsea bought another club?
Chelsea’s owners made it pretty clear from the outset last summer that this was their plan.
They admire the multi-club models put in place by, for example, City Football Group. CFG now has 13 teams, with 202-23 treble winners Manchester City leading their stable. Red Bull has five teams under its umbrella, of which European clubs RB Leipzig and RB Salzburg have regularly sold players to the other.
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“We’re going to be continuously adding resources,” Boehly told a business conference last September. “We’ve talked about having a multi-club model. I would love to continue to build out the footprint. There are different countries where there are advantages to having a club.
“Red Bull does a really good job at Leipzig and at Salzburg, both of which are playing in the Champions League, so they’ve figured out how to make that work. You have Manchester City, that has a very big network of clubs.”
Adopting this model provides Chelsea with another venue to develop players, whether from their own squad or those representing Strasbourg, with much greater control over what happens.
Arguably no English club have exploited the loan market more than Chelsea over the past two decades. Their bond with Dutch club Vitesse Arnhem during the Roman Abramovich era was used more than any other as a temporary home — there were 29 loans between Chelsea and Vitesse from 2009 and 2021 — to develop talent. But, unlike this deal with Strasbourg, that partnership was never formalised.
At the club who finished 15th out of 20 in Ligue 1 last season, Chelsea will have a greater say in how their loan players are nurtured.
“I think the challenge that Chelsea has now, or one of them, is that when you have 18-, 19-, 20-year-old superstars, you can loan them out to other clubs but you put their development in someone else’s hands,” Boehly added. “I think that our goal is to make sure we can show pathways for our young superstars to get onto the Chelsea pitch while getting them real game time (elsewhere).
“To me, the way to do that is through another club somewhere in a really competitive league in Europe.”
So, why Strasbourg?
Chelsea had been considering several options in various leagues around the world. Strasbourg became the first they have bought a majority stake in because, having been on the lookout for new investment over the past few years, they were open to the idea of someone joining them.
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Another key element to this is the relationship between Chelsea co-sporting director Laurence Stewart and Strasbourg president Marc Keller. Those two got to know each other well while Stewart worked as Monaco’s technical director from 2020-22; their paths crossed regularly as their teams competed in Ligue 1, while they also had something in common, given Keller was sporting director at Monaco from 2006-08 and 2009-11.
Sources who, like others consulted for this article, have been granted anonymity to protect relationships have told The Athletic that Stewart, previously head of global scouting for the Red Bull Group and head of performance analysis at Manchester City, suggested Strasbourg to Chelsea’s owners. Chelsea technical director Christopher Vivell was also involved from the outset, carrying out the original analysis of the club and squad discussions, but that was as far as his involvement went.
Vivell has recently been placed on gardening leave and will be leaving Stamford Bridge in due course.
BlueCo appreciates how Strasbourg have established themselves in Ligue 1 since promotion in 2017 after a turbulent period in their history. Keller, who has been president since 2012, has helped them recover from financial difficulty and their accounts are now in good shape. Based in eastern France near the borders with Germany and Switzerland, they won the French League Cup in 2019 and finished sixth in 2021-22; they are considered a club with the potential to grow and compete.
With post-Brexit rules restricting English clubs signing youngsters from countries in continental Europe, Strasbourg can become a staging post for up-and-coming talent to play and develop. Meanwhile, they can use Chelsea’s name as a way of beating other French clubs to youthful prospects. They can offer the carrot of a pathway to Chelsea and the Premier League — an enticing sales pitch.
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Why have Strasbourg agreed to this deal?
Strasbourg went into liquidation 12 years ago and were demoted to France’s fifth tier. Despite now being in a solid position financially, the hierarchy acknowledged the current setup had taken the club as far as they could.
Last season they battled hard to avoid relegation, ending up just five points clear of the drop zone. With more and more clubs in Ligue 1 under foreign ownership — that applied to more than half of the 20 teams last season and is still the case even with the top tier reduced to 18 teams starting in 2023-24 — there was a concern Strasbourg might get left behind.
Their hunt for outside investment actually began around three years ago and, in an ideal world, they would have found someone locally to provide more funds. But that search did not yield dividends.
Discussions with BlueCo began at the start of the year and, initially, Strasbourg were prepared to sell only a minority stake. However, BlueCo made it clear it wanted to buy the whole club.
The outgoing owners took some convincing. Crucially, BlueCo made it clear Strasbourg would be regarded as a sister club, not subsidiaries. To emphasise this point, Keller has stayed on as president and the influential Loic Desire remains head of recruitment. BlueCo was buying not just Strasbourg as a club but their expertise as well.
After agreeing to the sale for €70million (£60.3m; $77.3m), Keller said: “This is an important day for Racing. Although there was no financial urgency, we were aware that we had reached the ceiling of our model, and if we wanted to continue driving Racing forward and projecting it into a new dimension, we needed to be accompanied by a solid structure capable of supporting our development and our ambition.”
As part of the statement released by BlueCo, it was made clear that capital would be provided to assist the women’s team and academy as well as the men’s side — a further sign of the Chelsea commitment. But clearly, Strasbourg are now in a position to go after better players for their men’s squad.
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Who is making the decisions there so far?
Strasbourg are continuing to run themselves.
There is regular communication with Chelsea’s co-sporting directors, Paul Winstanley and Stewart, and BlueCo is kept informed and signs off on key decisions. Yet it has a collaborative rather than authoritarian approach — Chelsea and BlueCo trust Strasbourg’s methods.
What about the recent change of coach?
Just five days after BlueCo’s takeover, Strasbourg announced head coach Frederic Antonetti had left them by mutual consent.
Antonetti had been in charge only since February, having been hired with their relegation battle in mind. He did his job, keeping them up by taking 22 points from 15 games.
The partnership with Chelsea, though, is aimed at lifting Strasbourg to the next level in French football. With that in mind, they wanted a coach to reflect their greater ambition.
On July 2, former OGC Nice and Crystal Palace head coach Patrick Vieira was named Antonetti’s successor. The decision to pursue Vieira, the former France and Arsenal midfielder, was made by Strasbourg with BlueCo stepping back and allowing the club to conduct their own hiring process. BlueCo stepped in only once negotiations with Vieira had reached their final stages, with the owners speaking to the 47-year-old and signing off on his appointment. Vieira is very much Strasbourg’s choice.
“Patrick’s arrival should allow us to make further progress and to take a step forward,” Keller said. “He corresponds to the profile we were looking for: a manager with international experience who also has a good knowledge of Ligue 1 and its young players.”
Strasbourg have added Kristian Wilson (who was at Palace with Vieira) and Paul Nevin (previously at West Ham) to the backroom staff, and there is a sense the French club boast a newfound clout. They came close to recruiting performance manager Nicolas Mayer from champions Paris Saint-Germain but he ended up opting for serial German title winners Bayern Munich. That Strasbourg were even under consideration in the first place considering the other clubs in the race was seen as a positive.
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Are Strasbourg expecting a flurry of arrivals from Chelsea?
Clearly there will be some, but it’s not going to be a procession. Chelsea will still make decisions on a case-by-case basis and on what is best for the individual.
Their 20-year-old forward David Datro Fofana was the subject of a loan proposal from Strasbourg. Desire has been an admirer since he was playing back home in the Ivory Coast and wanted to sign him from Norway’s Molde, from whom Chelsea bought the player in January. But Fofana was less keen, and has since gone to German Bundesliga club Union Berlin on a season-long loan. Defender Malang Sarr was another potential addition after playing two seasons under Vieira with Nice, but Strasbourg could not afford his wages.
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The French club will consider only players who fit in with what they are trying to achieve. This is where the communication comes in.
Brazilian winger Angelo Gabriel, 18, is expected to join Strasbourg on loan after Chelsea’s current pre-season tour in the United States is concluded, and Desire has been key to sanctioning that move.
He has been to Brazil to watch Gabriel play for Santos in each of the past three years and earmarked him as a possible signing for Strasbourg if they could secure him in a cost-effective way. When Desire began talking to his Chelsea counterparts, he shared his knowledge and reports on the teenager. These discussions helped convince the Londoners to buy him themselves for €15million.
With Desire already wanting Gabriel at Strasbourg, it was an easy decision for Chelsea to send him there on loan, knowing the high regard in which he is held there. Gabriel has a better chance at first-team football in France, given the competition for places at his parent club.
Another Brazilian youngster, Flamengo winger Matheus Franca, has been earmarked for a similar arrangement. That deal has not advanced yet because the 19-year-old is reluctant to go to Strasbourg and wants to play in the Premier League straight away, meaning fellow suitors Palace represent serious competition for Chelsea. It remains to be seen whether the mooted £21million asking price will be an issue for the south Londoners.
What other business is being done?
The first big deal came quickly, with the arrival of 20-year-old defender Abakar Sylla from Belgium’s Club Bruges. At €20million plus add-ons, the fee was more than double the money spent on Strasbourg’s previous record purchase, Habib Diallo. They have since added Dutch forward Emanuel Emegha for around €12million, beating interest from Tottenham Hotspur and AC Milan. Desire’s mind was made up in March after watching Emegha score two goals against France Under-20s.
Just like Gabriel, both were on Desire’s database of possible targets. It was easy to compare notes with Chelsea, because the pair were on their watchlist too. The same might apply to 20-year-old Dynamo Moscow midfielder Arsen Zakharyan, a player the Premier League club have long been tracking.
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Chelsea are about to make an offer for Montpellier forward Elye Wahi, and more teamwork has come into play here.
Strasbourg have admired the 20-year-old, but don’t have the money to buy him. Chelsea like him, too.
So the perfect scenario is for Chelsea to pay the €30million fee Montpellier are expected to accept and then farm him out for the short term to their fellow Ligue 1 side. Like Franca, that notion has given Wahi cause for concern, but it is hoped the possibility of joining up with Chelsea’s squad in the next year or two, should he impress with Strasbourg, will convince him.
Desire has actually been compiling a list of players on his database that he highlights in red: ones he likes but Strasbourg have not been able to make a move for, upon whom he will keep an eye in case circumstances change.
That list is becoming increasingly useful, with the information being shared with Chelsea.
How big is Strasbourg’s transfer budget?
Around €25million, plus any money generated from sales.
Even though they have committed to spending €32million with the acquisitions of Sylla and Emegha, they have not overspent because Sylla’s arrangement (not including any add-ons) is being paid in two instalments (€10m this year, €10m in 2024).
They are set to sell forward Diallo amid strong interest from West Ham United and others. But, with the comfort of Chelsea’s backing, they are not going to just accept the first offer that comes in. Instead, they will seek around €20million for him.
Popular midfielder Jean-Ricner Bellegarde has just a year left on his contract, yet Strasbourg have not ruled out the possibility of keeping him even if it runs the risk of the 25-year-old leaving on a free transfer next summer. If someone wants to sign Bellegarde in this window, they can expect to be charged about €7million.
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This tougher negotiation stance is another sign that things have already changed at the Stade de la Meinau.
What do the Strasbourg fans think of it all?
Soon after the deal was formalised, pictures emerged of Strasbourg supporters holding up ‘Boehly not welcome’ banners. Those against the idea have bad memories of American involvement at the club because of the period they were owned by sports management and marketing firm IMG-McCormack from 1997-2003. There were also concerns at seeing Troyes, one of the clubs under the City Group umbrella, relegated to Ligue 2 last season.
It is hard to judge the mood now, because the season doesn’t get underway until the second weekend in August. There could be more signs of protest when it does. It did not help that a planned meeting between a few prominent supporter groups and Keller has been postponed more than once.
Conversely, some are excited at some of the names who have joined or who could move to the club. But it is not universal.
Matthieu Kittel, a season-ticket holder, is very sceptical. “I am worried Chelsea do not have Strasbourg’s best interests at heart,” Kittel told The Athletic. “I do not know what their plans are. There is a big difference between us — they want to play in the Champions League every year, but we have just been trying to stay in Ligue 1.
“Racing in the last 10 years have been poor but ‘sexy’. We have been proud to do what we have done on a budget because it was done by our people — those from the area. We knew we didn’t have much money, but we have stayed in Ligue 1 for six straight years. To put that in perspective, the club record is 10 successive years (in France’s top flight). There has been stability, which is really new for us. But will fans now be happy with 14th place, or will they get bored after some time if they do not finish higher?
“I am worried about the players coming in, too. I cannot imagine them staying for more than one or two years. This idea to just be a platform for something else, I cannot accept it. I do not like my club being used as a farm-team for someone else.
“I am concerned about the spirit of the team; if the team has the ability to fight for one another. If every player who comes has their own agenda — to be at Chelsea or something — I cannot see a chemistry being built between the old players and the new ones.”
Another lifelong follower of the team, Christophe Seng, has similar doubts.
“We first heard rumours about Chelsea six months ago,” Seng says, “and you could not help but think, ‘Why are you interested?’. Strasbourg are a very local team, a good team, but not in the top five of Ligue 1 or anything. If you are not from Strasbourg, it is unlikely you will support them. They are not what you would call an international team.
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“It is still early to get the full picture and even though there is a lot of talk about Strasbourg making the decisions or working together, I do wonder if there is less freedom now.”
What are their targets for the new season?
Keller is looking to stabilise Strasbourg in the top 10 of Ligue 1 if possible, although they will be realistic. That said, if Wahi joins Sylla, Emegha and Gabriel in a new-look team, expectations will inevitably rise.
As for Chelsea, more clubs will come under their umbrella in future, with Portugal, Belgium, the Netherlands and Brazil all potential locations as they seek to add to their portfolio.
This really does feel like the start of something.
(Top photo: Frederick Florin/AFP via Getty Images)
