Chelsea invested more than $2 billion to dominate Europe – now Xabi Alonso must save a crumbling giant

When it looked as though Chelsea might finally be climbing out of the wreckage again, Stamford Bridge has been forced to start over. Nothing remains of what Mauricio Pochettino and, above all, Enzo Maresca had begun to build. There is a reason the Blues faithful have spent months demanding the departure of BlueCo. “We want our Chelsea back,” they cry.

Beyond last season’s UEFA Conference League and Club World Cup triumphs, the enormous spending overseen by the American ownership has dragged the London club into mediocrity. A 10th-place finish in 2025-26, with no European soccer next season, stands as the clearest evidence yet. Another disastrous campaign is now one whose consequences Xabi Alonso will have to absorb.

The Spaniard will officially take charge of Chelsea on July 1. He inherits a team that has spent months drifting aimlessly. With nine games remaining, the squad managed on an interim basis by Calum McFarlane needed just six points from 27 available to guarantee at least a Europa League berth for 2026-27. They could not even manage that.

After seven losses, one draw and just one victory down the stretch, Chelsea failed to qualify even for the Conference League. Instead, Sunderland – the latest side to beat the Blues, winning 2-1 – will be heading into Europe.

It was the final blow to a project that spiraled out of control after Enzo Maresca’s departure on New Year’s Day. Hiring Liam Rosenior through 2032 despite his lack of elite-level experience ended exactly as many feared it would, with the coach dismissed just three-and-a-half months later. The fallout has been severe.

A billion-dollar squad at risk of breaking apart

Xabi Alonso is walking into a project that is as expensive as it is stale. Since Todd Boehly and Behdad Eghbali took over at Stamford Bridge, Chelsea have spent more than $2.3 billion on transfers, bringing in world-class talent and some of the Premier League’s biggest stars.

But with Chelsea absent from European competition in 2026-27, and many players eager to continue competing on the biggest stage, Alonso’s arrival in west London could coincide with a major exodus. Even he may not be able to stop it.

Enzo Fernández hints at goodbye

Many Chelsea supporters believed Enzo Fernández’s gesture toward the away fans at the Stadium of Light felt suspiciously like a farewell. The Argentine midfielder, under contract until 2032, has become one of the most talked-about names ahead of the summer window.

The Chelsea captain was even sidelined by the club after openly admitting his desire to “live in Madrid.” Now he is expected to become one of the central figures of the 2026 transfer market.

Real Madrid continue monitoring him because they need a midfielder with his profile. Manchester City are also interested, particularly with Enzo Maresca expected to replace Pep Guardiola, reuniting the Argentine with the coach under whom he produced 26 goal contributions in 2024-25. Paris Saint-Germain remain in the mix simply because they can afford virtually anyone.

Fernández became the most expensive signing in Premier League history when Chelsea paid more than $138 million for him in January 2023. For that reason, and because Alonso views him as one of the pillars of the team, Chelsea are not currently considering selling him. At least not yet, and certainly not cheaply. The problem for the club is that he is far from the only star attracting interest.

João Pedro, Palmer and Cucurella attracting major interest

Just as Barcelona have set their sights on João Pedro – recently named Chelsea’s Player of the Season and surprisingly left out of Carlo Ancelotti’s World Cup squad – Manchester United and Atlético Madrid are closely monitoring other Blues stars such as Cole Palmer and Marc Cucurella.

The danger of a mass departure is very real.

Whether players such as Enzo Fernández, João Pedro, Palmer and Cucurella stay or go, the squad overhaul awaiting Xabi Alonso is enormous. While Chelsea’s roster still carries a market value above $1.1 billion, players like Alejandro Garnacho, Liam Delap and Malo Gusto have looked nowhere near the level required at Stamford Bridge. None of them came cheaply.

While Bournemouth, Sunderland and Brighton prepare for European soccer next season, Alonso’s mission will be to revive Chelsea through trophies and competition if he wants to avoid the fate suffered by Thomas Tuchel, Graham Potter, Frank Lampard, Mauricio Pochettino, Enzo Maresca and Liam Rosenior before him.

That is precisely why Chelsea hired him as a manager rather than merely a head coach – the first coach since José Mourinho to have a real voice in squad planning and recruitment. The former Real Madrid midfielder will have influence over everything that happens at Stamford Bridge this summer.

He will also have an enormous amount of work ahead of him.

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