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.
:"If Chelsea fail to qualify for the Champions league, this would make it very difficult for them to make their FFP calculations add up."
But if Chelsea fails to finish in the EPL's top four — it is now 14 points behind Tottenham, with five teams in between them and 14 games remaining — it won't get that windfall. Every single one of its revenue streams would get shallower. It would lose out on bonuses in current sponsorship contracts and become less attractive to potential sponsors. It would play fewer games and lose out on significant matchday income. It would receive a smaller share of Premier League TV money, in addition to the diminished or non-existent UEFA payout.
Each of these underwhelming returns essentially lowers Chelsea's spending cap. But of course, the money has already been spent. So the club, to avoid violations, could be forced to sell even more players, including those it would otherwise prefer to keep.
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