Chelsea has declared a $350 million pre-tax loss for the 2024-25 year, the largest single loss reported by any Premier League club since the competition began in 1992. The figure, announced as the club closed the 2024-25 campaign, sits above previous high losses recorded by other top-flight teams and follows reporting that Chelsea paid player agents more than any other Premier League club.

The club reported revenue of $654.8 million, the second-highest in the club’s history, but outgoings outstripped income by a considerable margin. The $350 million loss is listed at the top of a ranking that includes Manchester City’s $263 million loss in 2011 and several earlier Chelsea entries, including $208 million in 2021 and $207 million in 2023.

Sporting performance offered counterpoint to the financial figures. Enzo Maresca led Chelsea to two trophies in the period, winning the UEFA Conference League and the Club World Cup last summer. The Club World Cup triumph in the United States, against Paris Saint-Germain, brought a $114.6 million prize and the club lifted the trophy alongside President Donald Trump.

Reports from BBC Sport and the Football Association show where much of Chelsea’s spending went. Agent fees at the club reached $86.6 million, the highest sum recorded among Premier League clubs. That total sits ahead of Aston Villa ($51.1 million), Manchester City ($49.7 million), Liverpool ($45.1 million) and others in the top ten for agent payments.

Agents are entitled to agreed portions of transfer fees and related bonuses, and the figures underline how negotiating terms with intermediaries has become a significant cost for the club. News of the losses and elevated agent expenses will increase scrutiny over how Chelsea manages compliance with Premier League regulations going forward.

Since BlueCo completed its takeover in 2022, Stamford Bridge has changed off the field while results have lagged. The January exit of Enzo Maresca crystallised growing unrest among supporters and within the squad, with Enzo Fernández publicly expressing disappointment and confusion over the decision.

Marc Cucurella took that frustration further, questioning the timing and the club’s wider direction. “The moment Maresca left, it had a big impact on us,” Cucurella said. “These are decisions taken by the club. If you asked me, I would not have made this decision. To make a change like that, the best thing is to wait until the end of the season. You would give everyone, the players and the new manager, time to get ready, have a full preseason.”

Maresca’s relationship with those above him had been strained since the summer, when he publicly requested a new centre back to replace the injured Levi Colwill and that request was refused. Reports say Maresca grew disenchanted with the sporting directors and decision-makers, accusing them of interfering in his role. The hierarchy opted for a change, and Liam Rosenior was appointed to replace Maresca at a crucial point while the team remained in the race for Champions League qualification.

Cucurella also criticised Chelsea’s transfer philosophy. He highlighted the shift away from senior, experienced signings after the 2022 window in which Todd Boehly played a prominent role in recruitment. That summer saw arrivals including Raheem Sterling, Kalidou Koulibaly, Pierre-Emerick Aubameyang, Wesley Fofana, Carney Chukwuemeka, Cesare Casadei and Cucurella himself.

“I understand this is part of the club’s policy, and that they want to take this direction—signing young players and looking to the future,” he stressed. “But, for all of us who are still here and want to win big things, moments like this make you feel discouraged.

“We have a good core of players. The foundations are there. But to fight for major trophies such as the Premier League or the Champions League, you need more. Signing young players only might complicate achieving those goals. Against PSG , we lacked players that had gone through situations like that.

“You need time as well, and I know the young players are the ones that will have the experience in the future. But you need to find the balance between both worlds.”

The recruitment model overseen by co-sporting directors Paul Winstanley and Laurence Stewart, and Joe Shields, has prioritised young talent. There are a few clear positives from the recruitment since 2022, including Cole Palmer and Moisés Caicedo. But several signings have drawn scrutiny and recent results, such as the Champions League loss to PSG following Club World Cup success, have intensified fan protests and anti-Eghbali chants at home games. The board renewed contracts for Winstanley, Stewart, Shields and Sam Jewell in August 2025, even as dissent grew louder.

Marc Cucurella confirmed what had been simmering around Stamford Bridge, aligning his comments with earlier speculation about Enzo Fernández and Real Madrid. While team-mate Moisés Caicedo declined to add fuel to talk of exits, the left back allowed that a return to La Liga remains on his mind.

“At the end of the day, Spain is always Spain,” he said. “It’s my country and where I grew up, and you always think about going back, but I think I’d leave it for a few years.

“I’m very happy [in England], my family too, and as a life experience, it’s a very good one.”

Pressed on a possible move to Barcelona, where he came through as a youth player, Cucurella did not rule it out.

“Well, it’s clear that if something like that happens, it’s difficult to turn them down, but I’d have to consider it.

“At the end of the day, it’s not just about me. I’d also have to think about my family, maybe, what’s best for them or for all of us, but as I said before, I’m not thinking about that right now.

“If it happens, it happens, and we’ll see what we decide.”

Later the same day he delivered a frank assessment of the club’s current state, linking unrest in the squad to managerial upheaval. Tensions have been present since the exit of Enzo Maresca in January, a departure the player suggested was disruptive after 18 months of work together. The split followed reported conflict with a sporting hierarchy under pressure since new owners BlueCo arrived in 2022.

Maresca was succeeded by Liam Rosenior, who faces his own challenges after four straight defeats and a Champions League exit to Paris Saint-Germain, who had been beaten by the Blues in the Club World Cup last summer.

“Liam is a very good person and has been great at handling the group, the characters,” Cucurella insisted to The Athletic . “He likes to stay close to us and his football ideas are good, but we don’t have the time to train them.”

Cucurella also defended Maresca and warned that frequent change has consequences: “With Enzo Maresca in charge, we were more stable, because we worked together for 18 months… It is what it is.”

That instability is compounded by a recruitment strategy favouring younger players and resale value over older experience. With Tosin Adarabioyo the oldest at 28, ahead of Robert Sánchez and 27-year-old Cucurella, the left back admitted the club’s “win later” approach has a psychological cost. “Results like [the PSG defeat] are always hard to take,” Cucurella said. “You are fighting and training every day only to realize, at the very end, that when games matter, we are still a bit away from the top level.

“I understand this is part of the club’s policy, and that they want to take this direction—signing young players and looking to the future. But, for all of us who are still here and want to win big things, moments like this make you feel discouraged. ]”