Chelsea's €600m splurge has echoes of Real Madrid's misguided 'galacticos' era

Champions League defeat at Bernabeu shows London club's huge spending under Boehly failing both in Europe and at home

Chelsea's record €121m signing Enzo Fernandez after his side's 2-0 Champions League quarter-final first-leg defeat against Real Madrid at the Santiago Bernabeu Stadium on Wednesday, April 12, 2023. AFPShow less

Tens of thousands of madridistas, those with two decades or so of loyalty stamps on their season tickets, departed the Bernabeu on Wednesday night having glimpsed a piece of their own past.

They had just watched a club bearing the weight of record spending on players look impotent in a Champions League knockout. They had heard some bravado from one of that club’s senior executives before kick-off.

But these older Real Madrid fans could smile about it. The spectacular underachievers they had been watching was not their team but Chelsea. The boasts that soon assumed a very hollow ring had come from Todd Boehly, who heads the consortium that 10 months ago took ownership of the London club. He had forecast a 3-0 away win. Madrid finished as 2-0 winners of the first leg of the quarter-final.

Whatever calculations went into Boehly’s mistaken prediction, it was not recent form. Chelsea, under the fourth different head coach – including a caretaker, Bruno Saltor, and the current interim Frank Lampard – of Boehly’s short period in English football, have not scored any goals at all in their last six and half hours of trying.

It is one of the many poor returns on the €611m Chelsea have committed in transfer fees since last June.

Twenty years ago, Madrid were carrying around a similar reputation for extravagance. They spent the first years of the 21st century shattering individual transfer records. First on Luis Figo, then on Zinedine Zidane. But after that pair had featured in the victorious Champions League victory of 2002, Madrid’s hiring strategy lurched ahead with very little sense of balance.

Madrid teams of that era became known as the "galacticos", so starry were the names bought into the club, so many Ballon d’Or winners – Zidane, Figo, Brazil’s Ronaldo and England’s Micheal Owen – could they cram into the forward line.

REAL MADRID RATINGS: Thibaut Courtois - 6. The Belgian made a decent save to prevent his team going behind in the second minute. Wasn’t really tested in the second half as Madrid took full control of the match. EPA

Dani Carvajal - 6. He showed great vision to pick out Vinicius with a precise pass that led to the game’s opening goal. He later got into a needless scuffle with Kovacic and picked up a yellow card in the closing stages. Reuters

Eduardo Camavinga - 7. Struggled against James in the first half but improved greatly in the second and got forward to good effect. Brought a James run to a halt with a brilliant sliding challenge on the hour mark. EPA

Eder Militao - 8. Made a last-ditch block to stop Sterling from getting Chelsea back on level terms in the 23rd minute. Hardly put a foot wrong in the second half. AFP

David Alaba - 8. Displayed good recovery pace to get back and limit Felix’s space to do damage in the opening exchanges. Played in a dangerous cross that was punched into the path of Benzema in the 90th minute. AP

Toni Kroos - 8. Was impeccable at the base of Real Madrid's midfield. He provided adequate cover for the defence, and helped kickstart attacks from deep. Reuters

Luka Modric - 7. Fizzed a decent cross into the penalty area in the 40th minute but Alaba failed to get the right connection to turn it home. Helped Real Madrid win the midfield battle. Getty

Fede Valverde - 7. Stole the ball off the feet of Fofana and stung the palms of Kepa just before the break. Never stopped running in the second half and had a couple of pops at Kepa’s goal. EPA

Rodrygo - 7. Played a quick one-two with Benzema that ended with him forcing a save from Kepa with a shot from a tight angle. Responsible for Chilwell's red card, as he got pulled to the ground by the Englishman. EPA

Vinicius Junior - 9. Played a huge role in Benzema’s opener as Kepa parried his shot into the path of the Frenchman to tap home. Left Fofana in his wake and almost made it two but his attempt was cleared off the line in the 26th minute. Grabbed the assist for the second as he laid the ball on for Asensio to sweep home. Getty

Karim Benzema - 8. Decided to shoot when laying the ball off to Vinicius looked like the better option and was thwarted by Kepa in the 12th minute. Opened the scoring with a simple tap-in from close range after Kepa failed to hold on to Vinicius's attempt. EPA

SUBS: Marco Asensio (Rodrygo, 71) - N/A. Doubled Real Madrid’s lead with his first touch of the game with a shot from the edge of the penalty area into the far corner. Almost made it three ten minutes from time but his effort just flashed wide. AP

Antonio Rudiger (Camavinga, 71) - N/A. Made a goal-saving block in the second minute of extra time and celebrated as if he'd just scored a goal. Getty

Dani Ceballos (Modric, 81) - N/A. His ball-retaining ability under pressure was on full display as Real tried to hold on to the ball in the closing stages. AP

Aurelien Tchouameni (Kroos, 84) - N/A. Helped Real see out the game with minimal fuss. Getty

CHELSEA RATINGS: Kepa Arrizabalaga - 6. Was the busier of the goalkeepers in the first half as he made five saves and also got a hand to Vinicius's attempt that fell into the path of Benzema for the opener. Couldn’t have done anything to stop Asensio’s goal in the second half. Getty

Wesley Fofana - 5. Picked up the first yellow card of the match for a foul on Vinicius in the fourth minute. Allowed Vinicius to get past him too easily on the half hour mark. AFP

Thiago Silva - 7. Put all his years of experience to good use as he delayed a run and cleared Vinicius's attempt off the line in the 26th minute. Made several blocks in the second half as Real Madrid piled on the pressure. AFP

Kalidou Koulibaly - 6. Displayed excellent pace and strength to shield Rodrygo off the ball and stop him from running through on goal just after the break. However, he had to leave the pitch a few minutes later with an injury. Getty

Reece James - 6. Whipped in a fantastic cross that Sterling failed to get a proper connection on in the 23rd minute. Had a hard time dealing with the threat of Vinicius throughout. AFP

Ben Chilwell - 5. Wasn’t as adventurous as usual in the first half but he did a great job of keeping Rodrygo quiet. Undid all of his good work by needlessly pulling Rodrygo down as the Blues' last man and picking up a red card. Reuters

Enzo Fernandez - 6. Sat deep and went on few attacking forays, but still failed to do enough to protect the backline. EPA

Mateo Kovacic - 6. Worked hard alongside Enzo but Real Madrid’s midfield just seemed a cut above Chelsea's. AP

N'Golo Kante - 6. Played Felix in on goal with a delightful pass in the second minute. Started the game brightly and found his teammates in dangerous positions but his influence waned as the game went on. AFP

Raheem Sterling - 5. Failed to get a proper connection when James played a tantalising cross into his path in the first half. Struggled to get involved in the game, and he was subbed off in the second half. EPA

Joao Felix - 6. Had the first real chance of the game when he got played through by Kante in the second minute but Courtois was equal to his shot. Began the second half in the same vein as he had the first attempt of the half with a shot that was straight at the former Chelsea keeper. EPA

SUBS: Marc Cucurella (Koulibaly, 55) - 6. Impeded illegally by Militao when he looked to run through a play a cross into the box late in the game. Played a dangerous cross into the area that led to Mount’s late chance. AP

Kai Havertz (Sterling, 65) - 5. Worked hard after coming on but he was well dealt with by the duo of Militao and Alaba in Madrid’s defence. Getty

Trevoh Chalobah (Felix, 65) - 6. Did well to block a Vinicius shot in the 84th minute. Helped Chelsea see out the game without conceding a tie-ending third. Getty

Conor Gallagher (Kante, 75) - N/A. Was a willing runner after coming on and won the ball back a number of times. AP

Mason Mount (Silva, 76) - N/A. Denied what looked like a certain goal with a last-ditch block from Rudiger in the third minute of extra time. AP

Yet as the front half of the team became ever more stellar, and coaches flitted in and out of the club, Madrid’s runs in the Champions League became shorter and shorter.

Between 2004 and 2010 they were unable to go beyond the last-16 stage. At times, their recruitment looked not just haphazard – focusing on attack, neglecting defence – but comically clumsy. At one point Madrid signed too many players in a winter to get them all registered with Uefa for the Champions League.

Chelsea did the same this year. And how. Seven newcomers came into the club during Boehly’s great winter splurge. Only three could be added to the squad for European games, and so Enzo Fernandez, the most costly purchase at around €120 from Benfica, Mykhailo Mudryk, an initial €70m from Shakhtar Donetsk, and Joao Felix, who is only on loan from Atletico Madrid, were registered.

To include them Chelsea had to cut Pierre-Emerick Aubameyang, who only joined last September and has scored more career goals in European club competitions than anybody else on the club’s swollen roster.

Since Chelsea won the Champions League in 2021, with Thomas Tuchel as head coach, the decline has shifted from gradual to ever sharper. They sit in the bottom half of the Premier League. The slump in Europe could very soon look far worse than that of Madrid’s galacticos.

The only viable route to Chelsea being in next season’s Champions League is to qualify as holders. And going into the Stamford Bridge leg of their quarter-final two goals down to Madrid is hardly the best platform for that.

“We’re realistic,” admitted Lampard after the first leg, “but we want to change the tone, change the story.”

He wished the first leg story had been different in moments besides the sending off of Ben Chilwell, Chelsea down to 10 men when they conceded the second goal. A late Mason Mount effort would be brilliantly blocked. “Mason’s chance might go in, and the tie feels completely different,” Lampard speculated.

Karim Benzema of Real Madrid celebrates after scoring the first goal in the 2-0 victory over Chelsea in the Champions League quarter-final first leg at the Santiago Bernabeu stadium on April 12, 2023. Getty

Real Madrid's Karim Benzema celebrates scoring their first goal with Vinicius Junior. Reuters

Karim Benzema of Real Madrid scores their first goal as Kepa Arrizabalaga of Chelsea looks on. Getty

Real Madrid's Karim Benzema scores the opening goal. AP

Marco Asensio of Real Madrid celebrates after scoring the second goal. Getty

Real Madrid players celebrate Marco Asensio's goal. Getty

Chelsea's Ben Chilwell fouls Real Madrid's Rodrygo on the edge of the box before being shown a red card. Reuters

Chelsea's Ben Chillwell is shown a red card by referee Francois Letexier. EPA

Real Madrid's Thibaut Courtois and defender David Alaba react after the keeper made a save from Raheem Sterling. EPA

Kalidou Koulibaly of Chelsea leaves the field after picking up an injury. Getty

Chelsea forward Joao Felix shoots as Real Madrid's Eder Militao tries to close him down. AFP

Chelsea defender Wesley Fofana battles with Real Madrid's Vinicius Junior. AFP

Chelsea's Raheem Sterling and Real Madrid's Eduardo Camavinga. AFP

Real Madrid's Vinicius Junior in action against Chelsea's Wesley Fofana. EPA

Real Madrid's Toni Kroos tangles with Chelsea's Joao Felix. Reuters

Chelsea's caretaker manager Frank Lampard greets Real Madrid's head coach Carlo Ancelotti. AP

Chelsea's Reece James stretches as he attempts to block a shot from Real Madrid's Karim Benzema. AFP

Real Madrid's Vinicius Junior tries to pass the ball as Chelsea's Wesley Fofana defends in the penalty box. AP

Chelsea manager Frank Lampard and Real Madrid coach Carlo Ancelotti before the match. Reuters

Chelsea's Joao Felix rues a missed chance. PA

Real Madrid's Karim Benzema battles against Chelsea's Thiago Silva. EPA

Real Madrid's Fede Valverde has a shot. EPA

Real Madrid manager Carlo Ancelotti juggles the ball on the touchline. Getty

Chelsea's Reece James has a shot. AFP

Real Madrid's Rodrygo and Chelsea's Thiago Silva compete. AFP

Chelsea Kepa Arrizabalaga collects the ball under pressure. AFP

Chelsea's Kalidou Koulibaly wins the ball in the air. AFP

Real Madrid coach Carlo Ancelotti gestures on the touchline as Rodrygo lies prone. AP

He would have noted who made the athletic block to deny Mount: Antonio Rudiger, a defender who left Chelsea last summer.

Lampard may also have spotted than while Wesley Fofana, the defender signed by Boehly’s Chelsea for more than €80m was struggling against Madrid, a young centre-back Chelsea let go in 2021, Fikayo Tomori, was helping to steer AC Milan to an advantage – and to a third successive clean sheet in Europe – in their quarter-final against Napoli.

Lampard will have noted, too, that Inter Milan on Tuesday stretched their first-leg win over Benfica to 2-0 thanks to a goal from Romelu Lukaku.

Lukaku is only on loan at Inter. He is still owned by Chelsea, who paid around €115m for him less than two years ago – a time before that scale of fee became their norm and before their goalscoring crisis stretched across several changes of manager.