The biggest problem with Chelsea's manic January spending spree wasn't the sheer sum of money. It wasn't the British-record $130 million paid for Enzo Fernandez or the $385 million splashed on transfers in total, if add-ons materialize. It wasn't even that the stunning outlay could run afoul of financial rules imposed by the Premier League or UEFA.
Chelsea's problem is that, even with $600-plus million worth of players joining since the summer, its team is still frighteningly mediocre.
The Blues have won just one game and scored just four goals in 2023.