Todd Boehly is continuing to explore new avenues for investment and opportunities as Chelsea owner with his latest venture so far bringing mixed success. Having taken over the club alongside Clearlake Capital just over 12 months ago very little has gone right for the new owners on the pitch but the transformation of it cannot be overstated.
With a completely revamped recruitment department, playing squad overhaul inbound, backroom staff clearout and mass change from top to bottom, there is very little of the old Chelsea left. Even Thomas Tuchel explained the difference between the structure that he started with and the one in place now.
"It was a very intense time but the club changed massively," he said when asked for advice to give to the new manager after Julian Nagelsmann was heavily linked in April. "That helped me to find some distance. That's why this didn't bring out huge emotions in me.
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"That's why I don't have to give any advice, because the club is different to the one I worked for."
It is perhaps a damning state of affairs but not one that Boehly hadn't planned for. The overarching feeling from the American group was that there was a sense of untapped potential that hadn't been explored by Roman Abramovich, despite his trophy-laden tenure.
It is this that laid the groundwork for exploring new markets both commercially and practically in a footballing sense. To give a definitive answer as to if it is the right way to work or not would be unjust at this point, though so far it has failed in all areas. The unsettled atmosphere has fostered uncertainty and therefore negative reactions on the pitch.
Boehly though, still ploughs on. Heading into a vital summer for the club's short and long-term future, the club are still journeying into new sectors. There is a continued desire to kick-start the multi-club ambitions of the owners, for one.
Their attempts to buy Portimonense for a reported £35m ($43.3m) was unsuccessful but also far from the only Portuguese interest that has been expressed in recent months. The Liga Portuguesa side have rejected approaches from Manchester City in the past due to their belief that external investment isn't needed or beneficial despite the success of the City Football Group.
A strong and ongoing relationship with Jorge Mendes is central to this and the super-agent has remained at the heart of activity for the owners. Joao Felix was signed for £11m ($13.64m) on a six-month loan deal in January, a piece of business that didn't go to plan and is now seen as a waste of money, time and resources.
The signing of Enzo Fernandez for £107.5m ($133.3m) is another that was aided by the presence of Mendes, who brokered the deal and enabled a Premier League record transfer to get over the line. His addition to the club already looks to be one of the best transactions so far, even for such a lofty price.
Whereas Mendes was able to help push through one part of Boehly's newfound Portuguese fascination, he couldn't get Manuel Ugarte to follow suit. This time involved with Sporting CP, the South American midfield star appeared to be on his way to Chelsea after the £52m ($64.4m) release clause was met. That is, until Paris Saint-Germain swooped in, moved the goalposts and the chain was broken.
It was a Portuguese bid that now hasn't worked for Boehly and leaves Mauricio Pochettino with pressure to get his back-up defensive options through the door or risk being short-changed in the middle of the park. In previous years, however, the very nature of shopping in the league wouldn't have been too common.
Chelsea signed David Luiz and Ramires from Benfica in 2011 but have since then largely left the league alone, let alone looked for major investment in it. With a serious talent factory at its disposal, as the signings of Bernardo Silva, Felix, Fernandez, Ruben Diaz, Ederson, Darwin Nunez and Angel Di Maria have shown, there is certainly sense to Chelsea's intrigue.
They have so far been unable to secure the club takeover that is desired, though, and have instead turned to Ligue 1 with Strasbourg set to become the first branch of the multi-club set-up. Reports last month indicated that the French side have been sounded out as the first choice option after South American sides and Bordeaux had been in talks.
Although no stake size or price is public yet, it was said that the fee would depend on if the club stayed up and survived relegation. Luckily for Boehly they were able to finish clear of the drop zone and will be competing in the top division once more. It is a boost for the Blues owners who have already seen mixed results from their Portugal travels and can't afford another slip-up, here.
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