Didier Drogba can "no longer recognise" Chelsea as the former striker took aim at co-owner Todd Boehly for his handling of the club since taking over from Roman Abramovich.
Chelsea lost 2-0 to Real Madrid at Stamford Bridge on Tuesday to exit the Champions League 4-0 on aggregate at the quarter-final stage.
The Blues are now winless in seven games in all competitions, losing five of those, and are down in 11th in the Premier League.
As a trophyless campaign peters to its end, Drogba – who won 12 major honours across nine seasons with Chelsea – criticised the club's current regime.
"I knew this club with a certain class during the Abramovich era, but today I find it lacking. It's very hard for me to see how they got rid of certain people," he told Canal+.
"They should go back to the principles and values they had. I no longer recognise my club."
Chelsea have spent more than £600million on new players since the new owners came on board last May and have already parted company with two head coaches.
The vast majority of those new recruits have yet to find their feet, with the Blues starting their second-leg tie against Madrid without a recognised striker.
"Bringing in players like Petr Cech, Andriy Shevchenko, Herman Crespo, Michael Essien, Didier Drogba, Florent Malouda, I go on – it was done to win titles," Drogba added.
"They are players with a certain experience. The strategy is now different; we bet on young players. But a dressing room of over 30 players is difficult [to manage] for a manager."
Chelsea, under the caretaker management of Drogba's former team-mate Frank Lampard, have seven league games remaining in what has been a dismal campaign.
Lampard is expected to make way for a new permanent head coach at the end of the season, but he is more positive in his assessment of the future than Drogba.
"People will make a lot about this season for Chelsea because we've had so much success. The reality is this club's going to be back," Lampard said.
"We have to pick ourselves up. We have been fortunate to have success for 20 years. Many clubs in the Premier League would dream of our success.
"So this is a year where we are not quite where we want to be and there are reasons for the transition.
"A few years ago we didn’t make the Champions League one season and won the Premier League the next. We can't be too short term with it."
Chelsea return to league action next Wednesday with a London derby against Brentford at Stamford Bridge.