Chelsea could regret big-money Boehly signing who’s value has dropped £65m

Chelsea are starting to make progress, with the appointment of Enzo Maresca looking like, with time, it could lift Stamford Bridge and its inhabitants back into the limelight.

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

Todd Boehly and Co have since sought to revolutionise the first team and bring in the requisite firepower to challenge at the upper end of domestic and continental competition.

Chelsea’s shiny new frontline has so much potential, but it needs to be fuelled by a secure and dynamic midfield, and while Enzo Fernandez fits that mould, the Argentina international still has much to prove.

Why Chelsea signed Enzo Fernandez

Fernandez was one of the statement early signings at Boehly and Clearlake’s Chelsea, joining from SL Benfica in a deal worth £107m, which was a British record until the Blues signed Moises Caicedo from Brighton & Hove Albion for £115m a year-and-a-half later.

Fernandez alighted on English shores still giddy from critical acclaim over in the Gulf, having skyrocketed to prominence with his nation at the 2022 World Cup, winning the Young Player of the Tournament en route to winning the gold medal.

Hailed as a “game-changer” by journalist Roy Nemur, Fernandez’s technical ability and intelligence cast him in richer waters than that of his positional rivals, dotted around the globe and eyeing a place at one of the biggest institutions.

Even now, approaching the two-year mark in west London, Fernandez’s passing and overarching influence are clear. As per FBref, the 23-year-old ranks among the top 9% of central midfielders across Europe’s top five leagues over the past year for passes attempted and the top 18% for progressive passes per 90.

But has he really been a hit-the-jackpot kind of signing? Variables must be considered; Fernandez stepped into turbulent conditions at Stamford Bridge as an up-and-coming midfielder, but for £107m, you’d want to get bang for your buck from the off.

You could make a compelling case that Fernandez is not really going from strength to strength in the way that would have been envisaged, craved.

Especially since he’s not exactly a spring chicken in Chelsea’s squad any longer. Since signing from Benfica, the South American has completed 67 appearances, scoring seven goals and assisting six more.

Across the opening matches of the current campaign, he’s been sturdy in defence but his passing has been uncharacteristically wayward, and he’s not even been particularly creative or progressive, albeit playing the opening fixture against Manchester City in a number ten role.

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

But more needs to be done in order to wrap it all together and lift Chelsea to the desired place in the Premier League and indeed in the Champions League.

Fernandez is contracted to Stamford Bridge until the end of the 2031/32 season, so time is on his side. But on £180k per week and as yet failing to prove himself worthy of such a price tag – amortisation or not – he needs to improve, especially since his present market value is on the slide.

Enzo Fernandez’s market value in 2024/25

Fernandez is still a highly valued member of Chelsea’s first team, but there’s no disputing his gradual depreciation since signing, a by-product of the on-pitch performances that have, at one stage, led Wesley Sneijder to launch a diatribe against him.

The retired Dutch footballer said in 2023: “If you have been brought in as a player for £100million then you can at least expect that he will run his lungs out, right?

“But he walked! He loses the ball himself, then he has a moment of mourning. You see Enzo, a £100m purchase, trudge a bit while Gallagher runs past him.”

But how far has Fernandez’s market value actually fallen? Well, according to Football Transfers’ valuation model, he is currently worth just £42m, surpassed by the prodigious Palmer for the honour of the club’s most valuable player.

This is a shocking financial nosedive in all honesty, equating to a £65m drop, which is more money than the Blues spent on Joao Felix and Pedro Neto, individually, this summer.

Look, this is a high-class player. A midfielder who shot to the top after an incredible start to life in Benfica and then with the Argentinian national team, but there’s no disguising the troubles at Chelsea that demand a rise to the next level this year, lest he be consigned to a list of high-cost misfires.

There is still time for Fernandez to be a success, but he now needs to make it happen…