He's gone. Calum McFarlane is back in charge for the rest of the season.

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Jorge Mendes offering Marco Silva to Chelsea managerial position. Iraola considered No. 1 priority. No contacts made yet. @falseninebot

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$BLUES (testing on desktop)

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"We need to understand that our target should be an accomplished coach that will be respected by fans and players. Looking for a young "collaborative" coach is just being delusional. He can only collaborate when he's a nobody. Once he wins something, he will have a voice. We can't be delusional about that. If we want stability, we will have to reward a manager who has achieved success with more power than will match his new status. Or he will go where he's offered better conditions. It's the same with players. Our structure puts coaches under the SDs and not many top coaches will accept that. Any nobody that accepts that wants to use us as a stepping stone, which will continue to fan instability at the club. For me, we have to find the right coach and give him a good level of control and power. We can't have a coach answering to SDs and expect that he won't leave when another club offers him more control. It's just delusional to say the least. That's why Maresca left and the instability came straight back up. The SDs have too much power at Chelsea and the balance is just wrong and very unsustainable. They are out biggest problem." https://x.com/Blue_Footy/status/2047264778318393810

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Andoni Iraola Yes or No?

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Liam Rosenior is facing a fight to save his job. The Chelsea board are discussing a plan of action having previously planned to review Rosenior's position at the end of next season. https://x.com/alex_crook/status/2046914470555861155

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Has he gone yet?

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Caicedo's new contract will run until 2033.

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Anyone with a remote interest in how Chelsea are funded by Ares, please put aside 10 minutes to read this. Frankly, it's scary. https://theesk.org/2026/04/15/the-analysis-series-financial-architecture-of-22-holdco-limited-analysis-of-ares-managements-credit-exposure-warrants-and-embedded-derivative-structures-within-the-blueco-consortium/ Highly technical but incredibly interesting view on the ownership structure and risk at Chelsea The global sports finance landscape has shifted from traditional ownership to highly leveraged, institutional frameworks dominated by private equity and private credit funds. The acquisition and recapitalization of Chelsea Football Club by the Blueco consortium, controlled by Clearlake Capital, exemplifies this shift towards institutionalized financial frameworks. Ares Management provided a £410.2 million capital injection to 22 Holdco Limited, the parent entity of Chelsea Football Club, structured as a senior subordinated loan with equity-like features. The financial architecture involves a labyrinthine, multi-tiered structure of credit facilities, preferred equity, and mezzanine capital, with debt strategically placed at the parent company level (22 Holdco Limited) to shield the operating club. The Ares loan features a Payment-in-Kind (PIK) interest mechanism, where interest capitalizes and adds to the principal, creating a rapidly compounding liability that could exceed £1 billion by its August 2033 maturity. This PIK structure allows Chelsea to bypass immediate cash flow insolvency and circumvent Premier League Profitability and Sustainability Rules (PSR) by abstracting debt servicing costs from the operating club's calculations. The Ares agreement likely includes warrants, equity kickers, and embedded derivatives, providing Ares with potential equity upside and conversion rights into the Blueco consortium. These embedded derivatives, including equity conversion options and prepayment provisions, require continuous fair value assessment under accounting standards like IFRS 9 and GAAP. The structure exploits regulatory gaps in global football finance, which are ill-equipped to police hybrid capital instruments like PIK notes and convertible preferred equity. Systemic risks are present, as the compounding debt creates a 'ticking time bomb' where Ares could gain control via debt-for-equity swaps if the consortium's strategic bets on enterprise value growth fail to materialize.

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Chelsea will be visiting Lagos, Nigeria, for the first time in the club's history this May when our fan engagement programme The Famous CFC hosts its penultimate event of the 2025/26 season. Victor Moses will meet the club's passionate fans across the event in the vibrant Nigerian city. $BLUES https://www.chelseafc.com/en/news/article/nigeria-to-host-the-famous-cfc-fan-event-with-victor-moses

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✍️ There's a big difference between how we move the ball under Maresca and under Rosenior. Maresca used more of the wingers — the second phase receiver always find the winger, while Rosenior prefers central progression and combinations in attack. Wide progression is a lot safer. If a winger loses the ball, a midfielder can cover and the line also serves as an extra defender. It's easier to box a player at the line and minimise danger. Central progression is whole different story. The most dangerous of them all. One misplaced pass and your defenders will start praying for divine intervention. It's not impossible, Barcelona do this very well. But for that to work, every central midfielder must be a counter-pressing junky and very comfortable in possession of the ball. The reaction time is also extremely important not just any kind of reaction but the trigger must happen in quickest possible time, as soon as the ball is lost. You basically need specific kind of players to do it at a very high level. That's where Rosenior is having issues. He can't find the right balance but he insists on playing through the middle. Imagine this Chelsea squad playing Hansi Flick's highline... that will be prime circus show. For central progression, pressure on the ball isn't a choice but a most. If you don't have the leg, forget it and play safe. There is a reason why we have been outrun by every opponent in the Premier League this season. It's down to the profile of our squad, especially the starters. For me, if we must do that, we have to sacrifice one of Enzo or Palmer in central midfield. Or move Palmer to the wing. I will go with Lavia - Caicedo/Essugo at the base and Enzo/Palmer and Caicedo/Santos in front of them. A lot of combinations here will work but three out of the four box midfielders must be defensive minded players. That is the bare minimum. We don't have time to massage egos now, we need to find the right balance to stabilise the team and become difficult to break down and start winning games again. https://x.com/i/status/2039312380618780892

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Cucurella: “I understand this is part of the club’s policy & 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.” https://www.nytimes.com/athletic/7157593/2026/03/31/chelsea-marc-cucurella-exclusive-interview-maresca/

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"Football clubs are not startups: they are cultural entities built on history, expectation, and an emotional contract with their supporters. Chelsea's current struggles is a textbook example of what happens when that contract is ignored." https://breakingthelines.com/premier-league-analysis/the-cost-of-misunderstanding-a-football-institution-blueco-chelsea-and-a-club-losing-its-identity/ Football clubs are cultural entities with history and emotional connections to supporters, not just financial assets or startups. BlueCo's ownership of Chelsea is presented as a case study of an ownership group fundamentally misunderstanding a football institution. Under Roman Abramovich, Chelsea achieved significant success and established a ruthless, ambitious identity. BlueCo's approach is described as a scattergun strategy driven by financial engineering rather than football coherence. The current ownership has engaged in massive transfer windows with young, inexperienced players and rapid departures. Chelsea's squad has been repeatedly gutted and rebuilt, lacking the patience, structure, and stability needed for player development. Managers like Graham Potter and Enzo Maresca were given unbalanced squads and expected to impose order on chaos. The disconnect with the fanbase stems from a perceived lack of long-term vision rooted in football culture, replaced by an optimization for asset turnover. The current model leads to creative accounting to avoid financial punishment and a likely future of continued transfer churn and inexperienced coaches. For Chelsea to return to past heights, the ownership model must change, shifting from a misunderstanding of the institution and its supporters to a coherent system.

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Liam Rosenior safe even if Chelsea miss out on Champions League Liam Rosenior's position as Chelsea head coach is secure, regardless of whether the club qualifies for the Champions League. Chelsea does not plan to formally review Rosenior's performance until the summer of 2027 and has no intention of changing coaches this season. A complete implosion of the team in the final weeks of the season is the only scenario that could alter Chelsea's stance on Rosenior. Chelsea's recruitment strategy this summer is critical, with the club aiming to improve squad resilience and balance options. The club intends to sign at least one central defender, a midfielder, and a forward. Goalkeeper Mike Penders is expected to return from loan and compete for the No. 1 spot. Rosenior is considered open to feedback and constructive criticism, with confidence that he can learn from mistakes. Chelsea believes the mid-season coaching change from Enzo Maresca to Rosenior was the primary reason for their inconsistent season. Despite recent defeats, Chelsea has a better points-per-game average under Rosenior (1.7) than under Maresca (1.6). Chelsea is still in contention for Champions League qualification, currently one point behind fifth-placed Liverpool, and has an FA Cup quarter-final to play. https://www.telegraph.co.uk/football/2026/03/24/liam-rosenior-safe-if-chelsea-fail-qualify-champions-league/

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