Chelsea and Strasbourg came together in 2023 under Todd Boehly and Clearlake Capital’s Bluco Group.
Strasbourg got the best deals in the first two years.
Six players left Chelsea for French clubs, five on loan and one permanently.
Strasbourg was able to spend money he had only dreamed about.
In the three years preceding Bluco, Strasbourg’s total transfer fees paid per season were £6.1m, £3.9m and £9.5m.
Over the following three seasons, Strasbourg spent £52.6m, £53.6m and £96.5m. They were the biggest spending club in France last summer, even surpassing Paris Saint-Germain (£89.2 million).
Those extra resources helped Strasbourg challenge for a Champions League spot last season.
But last summer the way both clubs did business began to change. The pendulum will swing towards the major MCO partner in Chelsea.
Take central defender Mamadou Sarr, who joined Chelsea from Strasbourg on a permanent deal in June.
The 20-year-old made only one appearance for Chelsea at the FIFA Club World Cup, coming on as a substitute.
In August he went back to Strasbourg on loan. Chelsea called him back on Monday.
Bluco would argue that this is an important part of the player’s development – that Sarr will get regular football at Strasbourg and return to Stamford Bridge as an improved player.
Then there’s the case of Ishe Samuels-Smith.
The left-back moved from Chelsea to Strasbourg in July. Chelsea then re-signed him in September – and immediately loaned him to Swansea City.
This has its own logic in the world of multi-club ownership.
Since Ben Chilwell was not part of Enzo Maresca’s plans, the full-back was sent to Strasbourg on a free transfer. The Ligue 1 club also settled a contract dispute with another defender, Ismael Doucoure.
This left Samuels-Smith as a spare in Alsace.
Rather than leave the 19-year-old struggling for first-team football, Chelsea effectively refunded the £6.5m transfer fee and sent him to the Championship club.
Club captain Emmanuel Emegha has already been confirmed to be next on the conveyor belt to Stamford Bridge.
The 20-year-old striker, one of Bleuco’s first signings at Strasbourg, will join Chelsea at the end of the season.
Club militants – long-time critics of the association with Bluco – demanded he hand back the captain’s armband.
Outsiders see players (and indeed the head coach) being moved from club to club on Chelsea’s orders.
Take Aaron Anselmino. The centre-back spent the first half of the season on loan from Chelsea to Borussia Dortmund.
Yet when Chelsea wanted Sarr in their first team, Anselmino was recalled from the Bundesliga club and sent to Strasbourg to fill the void in the team.
Anselmino was reportedly crying upon leaving Dortmund.
Chelsea were changing the chess pieces to suit their strategy.
Yet recalling loan players from one club and sending them to another club should not be seen as a special form of multi-club ownership structure.
For example, last month Manchester United brought back Harry Amas from a loan spell at Sheffield Wednesday and sent him to Norwich City instead.
