The January transfer window set several records in the Premier League, with Chelsea's eye-watering spending spree sending shock waves across the football world.
Todd Boehly's takeover last year resulted in major acquisitions ahead of the start of this season, including Raheem Sterling, Wesley Fofana and Kalidou Koulibaly, but it is the mid-season business that has really thrust the club under the spotlight.
Chelsea's spending has split the footballing world down the middle, with some concerned by the outlay and what it means for Financial Fair Play (FFP), while others praised the club's hierarchy for their determination and ambition.
Here, Stats Perform has broken down the Blues' activity, the controversies and FFP impact, as well as the vast differences to Europe's other top leagues.
Spending spree
Eight new faces arrived at Stamford Bridge in the mid-season window, seven of which were permanent signings, and all of whom were aged 23 or under.
Chelsea's business shows a focus on the future, having paid a premium price for talent and potential rather than established stars – the exception perhaps being Atletico Madrid loanee Joao Felix.
Capped 28 times by Portugal, Joao Felix was a statement addition until the end of the season with the hope he can provide the cutting edge Chelsea have lacked in the final third and push the club back into the hunt for Champions League football.
The other seven additions, however, fit a different mould. While they will likely be utilised by Graham Potter this season, they all represent a relatively unknown quantity, despite some impressive feats.
In the record-breaking deal to sign Enzo Fernandez from Benfica, Chelsea paid a fee higher than a British club ever has previously to bring in the Argentine, who was named young player of the tournament in his nation's World Cup-winning campaign.
Yet he does not even have a full year of European football under his belt, with the situation similar for Mykhaylo Mudryk – a player who caught the eye with his Champions League displays, but one who has not featured in a top domestic league.
In total, Chelsea reportedly spent more than £280million on Fernandez, Mudryk, Benoit Badiashile, Noni Madueke, Malo Gusto, Andrey Santos and David Datro Fofana.
Only two, Badiashile and Gusto, were signed from one of Europe's top-five European leagues, and Ligue 1 is widely considered to be the weakest financially compared to the Premier League, LaLiga, Serie A and Bundesliga.
While the figures spent have led to scrutiny, a bigger cause of controversy is the apparent exploitation of a loophole in FFP regulations by issuing long-term deals to spread the fees across several years of financial reports.
According to reports, the Chelsea hierarchy believe they are the first to exploit a football transfer market weakness in the valuation of younger players and with the length of contracts given to signings.
Chelsea controversy
Amortisation of the fees spent in the January window has allowed Chelsea to spread the costs of their spending spree for budgetary purposes across the next eight seasons and beyond, handing out contracts with lengths that have rarely, if ever, been seen before.
Mudryk penned an eight-and-a-half-year deal at Stamford Bridge, tying him down beyond 2030, with similar deals issued to the rest of their January additions.
In fact, the shortest contract issued by the Blues was the six-year deal for striker Fofana, running until 2029, and even that is longer than most of the rest of the Premier League teams have handed new signings last month.
To put how it works into context, the majority of Chelsea's spending spree in excess of £280m will be spread across eight years, resulting in an annual cost of just £35m.
Chelsea can easily offset that cost with player sales which, unlike transfer fees for purchased players, are booked immediately into the financial records in one lump sum – and Potter has a number within his squad who could be sold at the end of the campaign.
This approach, crucially, is not against FFP regulations but UEFA has reportedly identified the loophole and are shifting the goalposts in future by setting a five-year limit for FFP – although this would not change things hugely.
If Chelsea's £280m spree was spread across five years, it would equate to £56m a year. Again, that is a fee the Blues can offset with player sales, TV revenue and sponsorship deals.
On top of this, from 2023-24, the allowable loss limit in FFP will be doubled from €30m (£26.6m) to €60m (£53.2m), while clubs judged to be in good financial health will be granted a further €30m in allowable losses over a three-year period.
That means that Chelsea could be permitted to lose as much as €90m (£80m) over three years, triple the old limit.
European impact
The most eye-catching fact from the January window is that Chelsea spent more than the Bundesliga, Ligue 1, Serie A and LaLiga combined – as well as spending more than the other 19 clubs in the Premier League.
Spending in England dwarfed that on the continent, with a reported outlay of over £800m from the Premier League compared to £110m in Ligue 1, £60m in the Bundesliga, £25m in Serie A and £25m in LaLiga.
While Chelsea's spending made up the majority of the Premier League figures, the divide between English football and the other top leagues in Europe is highlighted by spending elsewhere in the league.
Four of the bottom five clubs in the Premier League spent a reported total of £175m on new players, a figure that eclipses the total spending from any of Europe's other top five leagues.
European clubs, to put it simply, cannot compete. Brighton and Hove Albion staved off bids in excess of £70m for Moises Caicedo and it is difficult to imagine a similar situation had such a figure been offered to a side on the continent amid the current economic climate in football.
The biggest difference is that Premier League sides can afford to take risks and fail in the market, whereas those in Europe have no choice but to be more shrewd in their spending or suffer huge consequences – just take a look at Barcelona.
English clubs, meanwhile, can simply cut ties if things do not work out. Chelsea spent a reported £97.5m to sign Romelu Lukaku, only to loan him to Inter just a year later, while Timo Werner arrived from RB Leipzig in 2020 for a reported £45m and returned to the Bundesliga side last year for almost half that fee.
Chelsea are not alone in that regard. Arsenal's club-record signing Nicolas Pepe, signed for a reported £72m, is spending the season on loan at Nice, Tottenham's club-record signing Tanguy Ndombele is similarly outcast and Paul Pogba left Manchester United for nothing after the club paid a reported £89.5m to capture him from Juventus.
Two years ago, football rallied against the creation of a European Super League but the reality is it already exists – it's just known by a different name.
Neymar suffers fresh injury blow
Neymar sustained a new injury as he was forced off during Al-Hilal's AFC Champions League Elite win over Esteghlal.
Aleksandar Mitrovic plundered a hat-trick on Monday to seal a 3-0 win.
But Al-Hilal's victory was soured by an injury to Neymar, who had to make way just 29 minutes after he came on as a second-half substitute.
The Brazilian, who has just returned from over a year out of action following a serious knee injury, was forced off with what appeared to be a thigh issue.
Indeed, Monday's appearance was only the 32-year-old's second for Al-Hilal since his comeback.
He has featured just seven times for the Saudi Pro League champions in all competitions since his big-money move from Paris Saint-Germain in 2023.
Premier League MD10: Lucky winners and unlucky losers
We are now 10 games into the Premier League season and the table is beginning to take shape, but that does not mean there is no room for an upset or two.
On Saturday, both Manchester City and Arsenal fell to surprise defeats at Bournemouth and Newcastle United respectively.
It was only the third time since the start of 2017-18 that both of the previous season's top two teams had lost on the same day in the Premier League, after March 7, 2021 and January 14, 2023.
Pep Guardiola's champions could have few complaints about the result at the Vitality Stadium, where Andoni Iraola's Cherries won the expected goals (xG) battle by 2.04 to 1.56.
But which other games featured a lucky winner or an unlucky loser? We delve into the Opta data to find out.
Unlucky losers: Arsenal
The weekend's action began with Arsenal travelling to St James' Park to face Newcastle, with Mikel Arteta's side chasing a victory to move within a point of leaders Liverpool.
However, they succumbed to a 1-0 defeat as Alexander Isak's early goal proved enough for Newcastle to make it three wins in their last four home league games against Arsenal (one loss).
The Gunners could count themselves unlucky to come away from Tyneside with nothing, however, after limiting Newcastle to a measly 0.53 xG – 0.25 of which came from the chance for Isak's goal.
Only West Ham, who played half of their defeat to Nottingham Forest with 10 men, created a lower figure across the nine games to take place this weekend, with 0.13 xG.
Arsenal were far from their free-flowing best, though, only recording 10 attempts worth 1.05 xG themselves. They have averaged just 7.4 shots per game in their away Premier League matches this season, with only Brentford (7.5) taking fewer.
Lucky winners: Southampton
Just two teams – Wolves and Ipswich Town – remain without a victory in the Premier League after Southampton finally got off the mark by beating Everton 1-0 at St Mary's.
Russell Martin's team accumulated just 0.74 xG to Everton's 1.56, but Adam Armstrong's strike five minutes from time handed them a huge three points in their fight for safety.
While Beto, who headed against the crossbar just 25 seconds before Armstrong's winner, and Jack Harrison spurned great chances for the Toffees, Southampton were also grateful for a late VAR intervention, as the former saw a potential leveller chalked off for a marginal offside call.
It was the first time Everton had failed to score against Southampton in the Premier League since February 2022, bringing their five-match unbeaten run in the competition to a halt.
Unlucky losers: Crystal Palace
Southampton ended the weekend in 19th, above winless Wolves after they were pegged back in a 2-2 draw with Crystal Palace at Molineux.
Marc Guehi salvaged a draw for the Eagles, who were without star men Adam Wharton and Eberechi Eze yet arguably still did enough to leave the West Midlands with all three points.
They racked up 19 shots totalling 2.51 xG to their hosts' 11, which had a total value of 1.51 xG. Palace's xG figure was the highest in the Premier League this weekend, but they were missing their shooting boots as Ismaila Sarr squandered two glorious chances when they were a goal to the good in the second half.
With both defences struggling, this was only the second Premier League game of the season to be goalless at half-time but see both sides score at least twice in the second half, after Everton 2-3 Bournemouth in August.
There could have been a fifth goal in stoppage time, too, as Jean-Phillipe Mateta saw a potential winner disallowed for a foul on Jose Sa in the build-up. Wolves – and their under-fire head coach Gary O'Neil – arguably got away with one.
Lucky winners: Chelsea
Sunday's late game saw Chelsea fight back to draw 1-1 with Manchester United at Old Trafford, denying Ruud van Nistelrooy a first Premier League win as the Red Devils' interim head coach.
Moises Caicedo's well-taken volley cancelled out Bruno Fernandes' penalty and Chelsea arguably looked the more likely victors in the second half, but they only generated 1.1 xG from their 12 attempts – and just 0.29 from six after the interval.
United, meanwhile, had chances worth 1.98 xG, though Fernandes' spot-kick – with an xG value of 0.79 – was a major contributing factor.
Marcus Rashford and Alejandro Garnacho squandered decent opportunities for United, though, and incoming boss Ruben Amorim has plenty of work to do with their attackers.
United have scored just nine goals in 10 Premier League games this season – their worst record through 10 matches of any league campaign since 1973-74 (also nine).
Fans of a certain vintage will need no reminder of what happened at the end of that season – United were relegated from the First Division, their fate sealed by club legend Denis Law scoring against them with a nonchalant backheel, while representing rivals Man City.
Rodgers delighted as Celtic rout Aberdeen in semi-final
Celtic booked their place in the Scottish League Cup final after hammering Aberdeen 6-0 at Hampden Park on Saturday.
The 21-time winners of the tournament were inspired by a Daizen Maeda hat-trick in a near-perfect performance against the Scottish Premiership's second-placed side.
Manager Brendan Rodgers was delighted with the result and performance from his side.
"It was a testament to our players and the demands they have. They play every week in big games. We have to manage this group through every game," he told Premier Sports.
"It was up to us to decide the game and the players did that. They were brilliant today. We were more aggressive in the second half.
"Aberdeen have had an excellent season, they will continue to work well I'm sure."
The result was Aberdeen's first defeat in 17 matches in all competitions this season, with a 2-2 draw at Celtic Park last month the only time they had previously failed to win.
Cameron Carter-Vickers got the scoring under way with a header 29 minutes in, before the brilliant Maeda sat down goalkeeper Dimitar Mitov to set up Kyogo Furuhashi for a second three minutes later.
Maeda then got in on the act himself on 40 minutes before the game briefly descended into farce on the stroke of half-time, with Rodgers shown a yellow card for kicking away a ball that had gone out before slipping over.
"To be fair, I was raging because we had given the ball away," he said.
"I have my moments, like every manager. It was just the game, even though we were comfortable at 3-0.
"It was a deserved yellow card. The speed of the ball [was the issue]. I just wanted to keep the tempo of the game."
Celtic and Maeda picked up where they left off in the second half to make it 4-0 in the 50th minute before Nicolas Kuhn hammered in a fifth on the hour.
The rout was complete when Maeda wrapped up his hat-trick as he finished off a flowing attacking move with five minutes to go.
After the match, Rodgers continued to be effusive about his team, who will face either Rangers or Motherwell in the final.
"An outstanding team performance. You come up against a team that has been so, so good. We knew it would be a challenge," he told BBC Scotland.
"We had to bring our A-game and the players did that, in particular during the second half.
"We were ruthless. We worked the ball really well to create the space and made good runs.
"It's a beautiful pitch here at Hampden. It's perfect for the football we want to play."
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