Chelsea's billion-pound project continues with many doubts

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LONDON -- Chelsea's £1 billion project has focused on acquiring the world's best young talent, yet they were beaten at Wembley by a Liverpool team packed full of academy graduates.

Sunday's Carabao Cup final defeat leaves co-owners Todd Boehly and Clearlake Capital facing the real prospect of reaching their second anniversary in May without any silverware -- or even qualification for European football -- to validate a methodology they believed would revolutionise the English game.

The FA Cup offers another route to success but that tightrope is already in view with Wednesday's fifth-round home tie against Leeds United up next. Chelsea are pursuing, the owners…