Chelsea could regret spending a lot of money. Boehly signing, whose value has dropped by £65 million.

Chelsea could regret big money. Boehly signing, whose value has dropped £65 million.

Chelsea are making progress, and Enzo Maresca’s appointment appears to have the potential to bring Stamford Bridge and its inhabitants back into the spotlight over time.

Mauricio Pochettino deserves credit for rescuing the club from its wretched circumstances in 2022/23 and restoring Chelsea’s place in European football, but Manchester United’s FA Cup victory in May meant that a sixth-place finish in the Premier League resulted in only Conference League football.

Todd Boehly and his team have since sought to transform the first team and bring in the necessary firepower to compete at the highest level of domestic and continental competition.

Chelsea’s gleaming new frontline has so much potential, but it needs to be powered by a secure and dynamic midfield, and while Enzo Fernandez fits the bill, the Argentina international still has a lot to show.

Chelsea signed Enzo Fernandez from SL Benfica in a £107 million deal, setting a British record until they signed Moises Caicedo from Brighton & Hove Albion for £115 million a year later.

Most Expensive British Signatures

Rank

Player

From

To

Fee*

1.

Moises Caicedo

Brighton

Chelsea

£115m

2.

Enzo Fernández

Benfica

Chelsea

£107m

3.

Declan Rice

West Ham

Arsenal

£105m

4.

Jack Grealish

Aston Villa

Manchester City

£100m

5.

Romelu Lukaku

Inter Milan

Chelsea

£97.5m

As per Sky Sports (* = fees include add-ons).

Fernandez arrived on English shores still ecstatic from critical acclaim in the Gulf, having risen to prominence with his country at the 2022 World Cup, winning the Young Player of the Tournament en route to the gold medal.

Fernandez’s technical ability and intelligence, hailed as a “game-changer” by journalist Roy Nemur, put him in better company than his positional rivals, who are spread across the globe and vying for a spot at one of the world’s most prestigious institutions.

Even now, as we approach the two-year anniversary of Fernandez’s death in west London, his legacy and influence are clear. According to FBref, the 23-year-old ranks among the top 9% of central midfielders in Europe’s top five leagues for passes attempted over the last year, as well as the top 18% for progressive passes per 90 minutes.

You could make a strong case that Fernandez is not progressing as expected or desired.

Especially since he is no longer a young player on Chelsea’s roster. Since joining from Benfica, the South American has made 67 appearances, scoring seven goals and assisting six others.

He’s been solid in defence so far this season, but his passing has been uncharacteristically erratic, and he hasn’t even been particularly creative or progressive, despite starting the first game against Manchester City in a number ten position.

In theory, Fernandez is the ideal midfielder for Maresca’s system, with a sublime passing range and the strength to supercharge the engine, make it purr, and enable the attacking success of stars such as Cole Palmer, Noni Madueke, and Nicolas Jackson.

However, more work is needed to bring it all together and propel Chelsea to the desired position in both the Premier League and the Champions League.

Fernandez has a contract with Stamford Bridge until the end of the 2031/32 season, so time is on his side. But at £180k per week and still failing to prove himself worthy of such a price tag, amortisation or not, he needs to improve, especially since his current market value is declining.

Enzo Fernandez’s market value in 2024/2025
Fernandez is still a highly valued member of Chelsea’s first team, but there’s no denying his gradual decline since signing, a result of on-field performances that prompted Wesley Sneijder to launch a diatribe against him.

In 2023, the retired Dutch footballer stated: “If you’re brought in as a player for £100 million, you can expect him to run his lungs out, right?

But he walked!” He loses the ball himself and takes a moment to mourn. You see Enzo, a £100 million purchase, trudge a little while Gallagher runs past him.”

But how much has Fernandez’s market value actually fallen? According to Football Transfers’ valuation model, he is currently worth £42 million, trailing only the prodigious Palmer for the title of the club’s most valuable player.

To be honest, this is a shocking financial drop of £65 million, which is more than the Blues spent on Joao Felix and Pedro Neto individually this summer.

Look, this is a high-level player. A midfielder who rose to prominence after an incredible start in Benfica and then with the Argentinian national team, but there’s no denying the problems at Chelsea, which necessitate a step up this year or he’ll be added to the list of high-cost misfires.

Fernandez still has time to succeed, but he must now take action…