With big money and grand trophies to play for, Chelsea fan Drew Goodsell is not overly concerned about the dustbin of history.
If you’re a regular spectator of football then you will be fully aware of the teams considered to have “no history”, who are regarded as clubs of the millennial generation. The past 14 years have seen Chelsea FC bear this ‘Millennial Club’ label; and 2003 is what many fans consider to be Chelsea’s formative year, it being the moment when Russian billionaire Roman Abramovich became sole owner of ‘Chelski Football Club.’
The myth of a club with no history is not borne out by reality. Nonetheless there is something to it. Clubs like Chelsea have been transformed since the turn of the century, to such an extent that it is debatable whether they really remain the same club as before.
Chelsea has not always had rich owners, but they’ve slowly been gaining a distinct financial prowess and boosting their status as both a business and a brand.
During the first 77 years of the club’s existence, it was owned and run by descendants of the original founders. In 1982 the club was ‘rescued’ by businessman Ken Bates. Bates’ acquisition of the club for only £1 initiated a transition towards the Chelsea we know today.
After taking responsibility for Chelsea’s debts, Bates’ plan was to implement a revitalising new business model based on shopping, leisure and tourism as much as football. This was a model that not many other clubs were willing to follow, due to its ‘complex corporate structure’. Within the redevelopment of Stamford Bridge stadium, Bates had plans for two hotels, multiple restaurants, two retail stores and a health club with a spa on site, changing Stamford Bridge Stadium into ‘Chelsea Village’ – the butt of many a jibe from rival clubs and their supporters.
Under Bates’ regime, Chelsea accumulated £80m worth of debt but often qualified for the Champions League, and, after a strong 2002/03 Premier League season, investment was the next step. This investment would be the start of big things for Chelsea Football Club – a move that would take them from just ticking over annually to becoming a super power in the world of football.
With the Abramovich takeover in July 2003, the transformation was well on the way to completion. But it also turned Chelsea into a target for everyone else – rightfully envied, but unfairly criticised, due to the privileged financial status the club now enjoyed.
With a new level of finance, the outlook of the club’s hierarchy changed immediately. Previously, a top four Premier League finish was the only aim; now came the expectation of winning trophies. At the end of the 2003/04 Premier League season, manager Claudio Ranieri was sacked for finishing second in the league, even though he was beaten to the title only by an Arsenal side which was widely held to be ‘invincible’.
Since that moment the club has only gotten stronger in every aspect. To many, it is still the same team that they have been going to see for years, and the same club that they have always loved. But to others, it is totally unrecognisable from the club that for years bore the brunt of visiting supporters’ jokes. To some extent, they are right. Chelsea is no longer a family run club and is fast becoming one of the biggest brands in world football.
Now that they’re climbing the ladder and increasing the revenue stream year on year, is the success of the club and the transition into a global brand all down to the Abramovich takeover? Of course it is the case that his investment has changed the fortunes of the club, and with a brand-new Stamford Bridge stadium on the way (costing Abramovich more than £500m of his own money), the growth of the club looks set to continue.
Perhaps such developments are down to Abramovich hiring the correct personnel. Unlike Ken Bates, he has made calculated and smart moves, especially the appointment of Marina Granovskaia, currently responsible for all player transactions.
As a measure of their overall financial and popular success, the value attached to the Chelsea team shirt is a good indication. The 2017/18 Premier League season will see Chelsea’s shirt bringing in a minimum of £110m.
Chelsea stand at seventh position in the 2016 Forbes Richest Football Clubs list, with a current financial value of $1.66bn (£1.15bn). The growth is impressive, but, if they want to be one of the largest sports clubs in the world, they’ve got a long way to go. The NFL’s Dallas Cowboys are leading the way at $4bn, and Real Madrid are the leading football club at $3.7bn.
It may take time, but the groundwork is in place to make Chelsea a world superpower. When the stakes are this high, the alleged absence of club history hardly figures in the minds of millennial fans like me.
Drews Media Blog 