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Morgan Rogers and Maxence Lacroix could easily have attracted interest from a wide range of clubs this summer, so the obvious question is: why opt for the uncertainty surrounding Chelsea?

Four years. Nearly £2bn spent on players. Six permanent managers. Three seasons without Champions League qualification. Major domestic trophies won? None.

Those are the standout numbers from BlueCo’s turbulent spell in charge of Chelsea since taking over the club in May 2022.

It is no surprise that numerous expensive signings have failed to fulfil their promise at a club that has lacked clear direction both on the pitch and behind the scenes. Rogers and Lacroix are the latest high-profile names to arrive at Chelsea for massive fees, but with both players enjoying the strongest reputations of their careers, it is a gamble neither of them was compelled to make.

Chelsea’s spending under BlueCo has become so extraordinary that the figures now almost feel normal, even though they are anything but.

This is, after all, the same club that spent an astonishing £747m on players in the 2022/23 season, the campaign in which they famously could not fit the whole squad into one dressing room.

That is why the British-record £117m fee paid to Aston Villa for Rogers barely caused much surprise, although it probably helped that Manchester City spent £116m on Elliot Anderson in the same week.

Chelsea’s outlay under BlueCo has comfortably exceeded that of every other Premier League club over the same period, yet the return on that investment makes bleak reading.

The Blues last lifted a major domestic trophy in 2018, and they have failed to meet what should be their minimum target of Champions League qualification in three of the four seasons since BlueCo arrived. That run included a 12th-place finish in 2022/23 - yes, the same season in which they spent £747m - and 10th place last season.

Chelsea did win the Conference League and the Club World Cup in 2025, but they were by far the biggest club in the former competition, while the latter was a one-off tournament and nothing like the demands of a domestic campaign.

It is not difficult to understand why Chelsea have underperformed so badly. Their strategy in appointing coaches has been inconsistent, ranging from strong personalities who clashed with the hierarchy - Enzo Maresca, Thomas Tuchel and Mauricio Pochettino - to managers who appeared to be consumed by a role arguably too big for them, such as Graham Potter and Liam Rosenior.

The lack of coherent planning has also shown up in recruitment. Under BlueCo, Chelsea have accumulated players without any obvious clarity over how many of them were meant to be used. Rogers is simply the latest elite signing to arrive for a huge fee without there being an immediately clear football reason for such spending.

The England international is most comfortable as a No.10, but that is also Cole Palmer’s preferred role. He can play on either flank as well, although if a club is spending £117m on a player, the question has to be asked why they would use him out of position. Even then, Chelsea are already well stocked in those areas, with Pedro Neto, Jamie Gittens and Estevao Willian among the options.

Many players have found themselves in exactly this situation after expensive moves to Stamford Bridge. An increasing number of mainly young footballers have seen their progress stall because of limited minutes in an oversized squad and constant managerial changes.

Mykhailo Mudryk is the clearest example of the BlueCo model. The Ukraine winger joined in January 2023 in a deal worth up to £89m, but had very little impact and has not played since November 2024 after failing a drugs test. Chelsea are still paying the 25-year-old, who remains tied to the club for another five years.

Christopher Nkunku, Joao Felix, Kiernan Dewsbury-Hall and Alejandro Garnacho were signed for a combined £170m, yet all of them struggled for regular opportunities and departed within two years.

Gittens arrived from Borussia Dortmund for £48.5m only 13 months ago, yet Xabi Alonso is already his fourth manager in that period. The England Under-21 winger has not played since January because of injury, but even when fit, how many minutes is he likely to get if both Rogers and Palmer are expected to start automatically, with Neto and Estevao also in the picture?

This is the environment Rogers and Lacroix are stepping into. Even if both become regular starters and perform well, the consequence is likely to be that another costly signing is pushed to the margins and left dissatisfied, especially with no European football to provide extra chances for players to impress.

At 26, Lacroix will expect to become Alonso’s first-choice centre-back after completing his £52m move from Crystal Palace. If that happens, Levi Colwill, Tosin Adarabioyo, Trevoh Chalobah, Mamadou Sarr, Benoit Badiashile and Wesley Fofana - who at £70m is another expensive Chelsea signing who has not truly moved forward at the club - would be battling over one remaining starting place. On the other hand, Lacroix himself could just as easily slip down the pecking order and find it more difficult to reclaim his spot than he might have at another club.

Rogers and Lacroix were always likely to be in demand after an outstanding season in which both won European trophies, excelled in the Premier League and appeared at their first World Cup. At 24 and 26 respectively, they are moving into what should be the prime years of their careers, so it is fair to ask why they believe the ideal place to spend them is at a club where so many expensive signings have levelled off.

It should be acknowledged that Chelsea seem to have adjusted their recruitment approach this summer, with Rogers and Lacroix part of a group of targets who are more proven than many of BlueCo’s earlier signings. Perhaps the owners have taken lessons from previous mistakes.

Even so, if Chelsea begin to drift away from the Champions League places as the season unfolds, it would take a brave person to back against Alonso being sacked, which would only create another wave of instability.

This summer may yet represent a new beginning for Chelsea, but after four years of disorder, that can only be believed when it is actually seen - and that is exactly why Rogers and Lacroix are taking such a major risk.