Chelsea have spent more than any other Premier League club in the transfer market since Todd Boehly's arrival at Stamford Bridge. After forking out close to £300million last summer, the Blues are edging closer to repeating that feat before the January transfer window slams shut.
The west London outfit have secured seven new signings this month as Graham Potter continues to overhaul his squad heading into the second half of the season. The new owners want to fast track the club's adjustment period under Potter as they look to get their season back on track and rescue a top four spot come the end of the 2022/23 campaign.
A deal for Enzo Fernandez could be the final signing made by Chelsea this month after the club entered fresh talks with Benfica over a deal on Monday morning and are confident that an agreement can be reached, football.london understands. The west London outfit are willing to pay the entire £106million release clause but still have to iron out the way in which it will be structured.
READ MORE: What must change for Chelsea to sign Enzo Fernandez and the other potential deadline day deals
A move for the Argentina World Cup winner would break the British record regarding a transfer fee paid for a player. Chelsea have already spent more than the rest of Europe's top leagues combined this month - a staggering statistic that highlights the club's spending power under Boehly.
Rival fans have questioned how the Blues can afford to complete a record-breaking deal for Fernandez after already spending a huge amount of money this month. The answer is relatively simple when you look at the reading of financial rules and how numbers are recorded.
Chelsea's business in January has relied upon offering long-term contracts that could see players like Mykhailo Mudryk and Noni Madueke stay until 2030, meaning the club is not paying their transfer fees in one lump sum. Even if they were, that isn't how it would be recorded due to amortisation, the value of a player is spread across their contract.
Speaking on the Football Daily podcast by BBC, David Ornstein explained how Chelsea could even register a profit this window with just one sale. "If Chelsea were to sell a homegrown player for £40million for example, it’s immediate profit on the books as Chelsea haven’t paid a transfer fee for him," Ornstein explained.
This explanation may come true after Everton submitted a £40million plus £5million add-ons bid to sign Conor Gallagher ahead of deadline day, football.london understands. The Blues have already turned down loan offers for the midfielder from Newcastle and Crystal Palace earlier in the window, with Everton holding an interest in the 22-year-old during Frank Lampard's reign at Goodison Park.
If Gallagher was to leave Stamford Bridge to join Everton for £40million, then that will come as pure profit for Chelsea - the equivalent of them signing players for £280million from other clubs on seven-year contracts in terms of amortisation and a single year of Financial Fair Play (FFP) rules and regulations. This would cancel out the Blues' spending in January and put them back in a strong position regarding FFP spending.
There will be wage differences to deal with too. The Blues have recently benefited from the sales of former academy talent Fikayo Tomori, Tammy Abraham and possibly Gallagher, all of whom are treated as zero cost.
The main issue regarding a deal for Fernandez is that Benfica want his £106million release clause paid in full, rather than spread across a number of years in separate instalments. This is one reason why a move for the 21-year-old continues to be negotiated as Chelsea look to test Benfica's firm stance by offering different payment structures.
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