Chelsea's scattergun spending is no guarantee of success

Chelsea's record-breaking last-minute swoop to sign Enzo Fernandez took the Blues' spending in the first year of the club's new ownership to a staggering figure of more than £500 million ($616 million).

The Premier League giants splashed out 121 million euros for the Argentina midfielder, breaking the previous British transfer record -- Jack Grealish's £100-million move to Manchester City.

Fernandez was Chelsea's eighth signing of the January window, with the spending overseen by Todd Boehly's consortium sending shockwaves around the football world.

Less than a year ago there were fears that Chelsea could run out of cash due to sanctions slapped on then owner Roman Abramovich following Russia's invasion of Ukraine.

Abramovich was described by the UK government as part of Russian President Vladimir Putin's inner circle.

A special licence allowed the club to continue operating and despite an expedited sales process Chelsea fetched £2.5 billion -- a record for a football club.

The consortium fronted by Boehly and private equity group Clearlake Capital promised a further £1.75 billion of investment in infrastructure and the playing squad.

But nobody saw spending in the transfer market that has obliterated the single-season record for any club across the globe.

A lack of instant return on investment on the pitch and Boehly's decision to name himself as the club's interim sporting director has led to mockery of the American billionaire.

Chelsea sit 10th in the Premier League table, 10 points adrift of the top four places that secure a ticket for next season's Champions League, and are already out of both domestic cup competitions.

Former Manchester United captain Gary Neville described Boehly's approach to the transfer market as similar