Chelsea Keep or Dump: What to do with Sánchez, Enzo, more

Any discussion of Chelsea has to bear in mind the strategy the club began implementing in January 2023. That’s when, after some of the early excesses of the Todd Boehly/Clearlake Era (think Raheem Sterling, Pierre-Emerick Aubameyang and Kalidou Koulibaly), they began aggressively pursuing highly rated youngsters and locking them into very long contracts with relatively modest salaries.

The club’s new owners felt it was OK to pay high transfer fees because these could be amortized over long contracts; if players didn’t work out, their young age and manageable wages would ensure they’d be easier to shift elsewhere. And, of course, if they did work out and players lived up to their potential, then they were acquiring superstars on the cheap.

For the purposes of this discussion, we’ve tried to stick to this strategy on the basis that for it to work, you can’t tear up the script after just a few years — you have to commit to it.

On the pitch, Chelsea finished fourth in the Premier League and won the UEFA Conference League. Coach Enzo Maresca said they were “ahead of schedule” since the plan was to qualify for the UEFA Champions League in 2025-26.

Last season, for much of the year, Maresca often fielded entirely different starting XIs in the Conference League and in the Premier League. This meant that his core group of players could focus on domestic football and, indeed, no fewer than 11 Chelsea players featured in 31 or more league games. He won’t have that luxury next season, because the demands of the Champions League are far greater, and that means adding depth to the side.

Off the pitch, there’s a good chance Chelsea will be found to have breached UEFA’s Financial Sustainability rules, but we (and the club) expect that this will result in nothing more than a fine. However, it should be noted that Chelsea recorded a staggering £213 million operating loss last year, the third straight season they were over £200 million in operating losses, and their overall results were only bailed out by “exceptional items” — the sale of hotels and, later, the women’s team (to BlueCo, the holding company that owns the club) and player trading.

The club’s academy produces a steady pipeline of talent, and their youth-oriented approach — they were the third-youngest team in Europe’s Big Five domestic leagues last season — means there are plenty of assets that can be used to generate cash. Still, it’s a tricky game to play, and it can boomerang back to hurt you if not done right.

We should also note that BlueCo also own Strasbourg, who did very well in Ligue 1 last season, narrowly missing out on Champions League football. It’s a convenient place to loan players and, possibly, acquire them, though UEFA will be keeping a close eye on transfer valuations since they are a related party.

So what decisions do they still need to make as they head into the 2025 FIFA Club World Cup, which kicked off on Saturday night in Miami?

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Editor’s note: This is the sixth installment in this year’s series, Keep or Dump, which will continue over the coming weeks, detailing which players to keep, extend and move on from for all the top clubs in the Premier League and Europe. Find the article on Arsenal right here, Manchester United can be found here, our Liverpool version is here, and Manchester City is here. The Barcelona edition is here.

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Keep/dump ground rules

Remember: This is our assessment of what we think the club should do, player for player, with the squad at its disposal. It’s not what we think the club will actually do, though sometimes the two will align. That said, we take into account what we know of the club, coaching staff and player preferences, as well as its financial situation and any other factor that we think will impact personnel moves.

Where we disagree, or where we think our rationale is worth explaining, we’ve noted below.

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Goalkeepers

Robert Sánchez (27 years old, contract expires in 2030)

Marcotti: There has been plenty of buzz about AC Milan’s “Magic” Mike Maignan, whose signing would be a departure from the Chelsea model and a concession to Maresca. If he comes in, then you shift Sánchez because you’ll get something before him. If not, I’d bring back Djordje Petrovic, who did well on loan at Strasbourg, and let him compete with Sanchez for the No. 1 spot.

Ogden: Sánchez won’t accept being a backup largely due to his age, experience and an outside chance of making Spain’s World Cup squad next year. Sign a better keeper than the ones you have, and move him on.

Verdict: Split between keep and move on

Filip Jorgensen (23, 2031)

Ogden: Keep him as a No. 2 or 3.

Marcotti: Last year he played a handful of games when Sánchez was benched, and in the entire Conference League campaign. I don’t think you’ll be rotating keepers though if you’re in the Champions League, so he’ll struggle for playing time if they get Maignan or another top keeper.

I’m fine with him as a number two if a Maignan type comes — otherwise, loan him out. The thing about keepers is that it’s a game of Tetris: Everything needs to fit together.

Verdict: Keep

Lucas Bergstrom (22, 2025)

Marcotti: He’s very tall. No, seriously. Let him go.

Verdict: Release as a free agent at the end of his contract

Marcus Bettinelli (33, 2026)

Marcotti: If he’d been happy to stay — his last appearance was in 2023 — he could have been on the Scott Carson plan and be the veteran third keeper. As it turns out, he has replaced Carson at City to become their new third keeper.

Verdict: Bettinelli joined Man City on June 10

Djordje Petrovic (24, 2030, spent 2024-25 season on loan at Strasbourg)

Marcotti: He wasn’t great a year ago, but he had a very good season in Ligue 1. If you bring him back, you have to let him compete for the starting job, and that won’t happen if they sign a top keeper. If they don’t and he’s up against Sánchez? Sure, bring him back.

Ogden: I disagree. Bring him back regardless, as he’d be a good back-up for Maignan.

Verdict: Split between loan and keep

Mike Penders (19, 2032, spent 2024-25 season on loan at Genk)

Marcotti: They signed him in 2024 and left him at Genk, where he became the starter halfway through the year. He’s not ready, so logically you send him on loan.

Verdict: Loan him out

Kepa Arrizabalaga (29, 2026, spent 2024-25 season on loan at AFC Bournemouth)

Ogden: He was Chelsea’s best keeper last year… playing for Bournemouth. You can get a decent fee for him, and while Arsenal have been enquiring, the Spaniard remains at Stamford Bridge for now.

Marcotti: I guess if you use Caoimhin Kelleher (who left Liverpool for Brentford) as a baseline, you can get something in the £10 million range, which would help Chelsea’s books.

Verdict: Move him on

Gaga Slonina (20, 2028, spent 2024-25 season on loan at Barnsley)

Marcotti: He was on loan at Barnsley in League 1, then hurt his finger and returned for his rehab. Assuming he’s fit again, you loan him out somewhere he can play.

Verdict: Loan him out

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Defenders

Levi Colwill (22 years old, contract expires in 2029)

Verdict: Keep

Trevoh Chalobah (25, 2028)

Marcotti: They sent him on loan to Crystal Palace, where he did well. They brought him back, and he continued to do well. Yes, he would get you a good transfer fee, but frankly I think you need him in the mix given the doubts over Wesley Fofana’s fitness.

Ogden: Move him on, I think. He’s pure profit from a financial perspective as an academy graduate, and they can command a good transfer fee. It’s a financial decision rather than a football one, but as we know, Chelsea balance their books by regularly offloading homegrown players.

Verdict: Split between keep and move him on

Wesley Fofana (24, 2029)

Marcotti: He was signed before their new model kicked in and is on good wages, which means they’re stuck. He has been so unlucky with injuries — between Leicester City and Chelsea, he made just 35 league starts in the past four seasons — so all you can do is hope he gets fit and stays fit. But you need a Plan B, hence why I’d keep Chalobah.

Verdict: Keep

Benoît Badiashile (24, 2030)

Marcotti: I think you need four central defenders, not counting Fofana. So that’s Colwill, Tosin Adarabioyo, Chalobah and either Badiashile or Axel Disasi. Between the two, I’m keeping Badiashile. Then if Fofana is fit and I don’t need him, he can go on loan.

Verdict: Keep (for now)

Tosin Adarabioyo (27, 2028)

Ogden: You get more from him than Chalobah.

Marcotti: He can be the third centerback.

Verdict: Keep

Aaron Anselmino (20, 2031)

Marcotti: They spent £15.6 million to bring him in from Boca Juniors in January, but he didn’t play a single minute. He had a hamstring issue at first, and then I guess they thought he wasn’t ready. He’s an obvious one to loan.

Verdict: Loan him out

Marc Cucurella (26, 2028)

Ogden: He has come back from the brink at Chelsea, so credit to him for that, but you need an upgrade or decent cover for him. He’s too prone to errors to be a Champions League first-choice.

Verdict: Keep

Malo Gusto (22, 2030)

Marcotti: He’s a good player, though I’m not sure to what degree he’s what Maresca wants. After all, we’ve seen him play Moisés Caicedo at fullback ahead of him at times and, of course, you imagine that when club captain Reece James is fit, which isn’t often admittedly, he’s behind him. For now, his best bet is improving as a left back too, and maybe he can back up both roles.

Verdict: Keep

Reece James (25, 2028)

Marcotti: Just 31 league starts in the past three years tell their own story.

Ogden: The risk is he becomes Chelsea’s Luke Shaw given his injuries, but you can’t shift him because he’s on good wages. So just hope he stays fit.

Verdict: Keep

Josh Acheampong (19, 2026)

Marcotti: I think he’s very good, but you already have two right backs. Loan him out and get him minutes. Let him grow.

Verdict: Loan him out

Axel Disasi (26, 2029, spent part of 2024-25 season on loan at Aston Villa)

Marcotti: They got a big loan fee from Aston Villa, though he wasn’t great there. His unrealized amortization is around £20 million, and I think you can get that back. Or, if you get the sort of loan fee you got from Villa, loan him out again and it pays for itself.

Verdict: Move him on

Renato Veiga (21, 2031, spent part of 2024-25 season on loan at Juventus)

Marcotti: He was OK at Juve, but nothing more, which is why they made no effort keep him. There is some confusion about him wanting to play center back, which prompted Maresca to say “I’d like to have long hair, you don’t always get what you want.” Veiga potentially has a role at Chelsea as a utility player right now, but if he wants to play more, loan him out again not least because, again, they got a hefty £4 million loan fee for six months at Juve.

Verdict: Loan him out

Ben Chilwell (28, 2027, spent part of 2024-25 season on loan at Crystal Palace)

Ogden: He went to Palace and started just one league game. He has no future at Chelsea, and given his wages, nobody can afford to sign him. Try to find him a home on loan.

Verdict: Loan him out

Caleb Wiley (20, 2030, spent the 2024-25 season loan at Strasbourg, then joined Watford on loan)

Marcotti: They paid Atlanta United FC $10 million to get him, so you’re not going to give up on him. It didn’t quite work out at Strasbourg on loan, but then, after recovering injury, he was a starter at Watford. Loan him out again, unless you’re desperate for a back-up left back.

Verdict: Loan him out

Alfie Gilchrist (20, 2026, spent 2024-25 season on loan at Sheffield United)

Marcotti: He’s a high-energy player, and he showed on loan at Sheffield United that he can be a reliable starter for a team fighting to get promoted to the Premier League. All that said, he’s an undersized center back who has to play right back, and Chelsea are well-stocked in that role. I assume they can get a bit of a fee back, maybe from Sheffield United themselves.

Verdict: Move him on

Bashir Humphreys (21, 2027, spent 2024-25 season on loan at Burnley)

Marcotti: After making 28 starts for Burnley on loan last season as they secured promotion, he has completed a permanent move. It’s another example of how Chelsea keep the player trading money rolling in.

Verdict: Already transferred to Burnley for an undisclosed fee

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Midfielders

Moises Caicedo (23 years old, contract expires in 2031)

Verdict: Keep

Romeo Lavia (21, 2030)

Ogden: When he’s fit, like at the end of the season, he looks like a great player. Obviously has to avoid the injuries.

Verdict: Keep

Enzo Fernández (24, 2032)

Ogden: Not sure what he does, to be honest, because I only ever see him pass the ball sideways. But there is constant noise of him being wanted elsewhere. I don’t think he’d be missed, but of course, given the fee they paid for him and the length of his contract, that’s not going to happen.

Verdict: Keep

Kiernan Dewsbury-Hall (26, 2029 + club option for additional year)

Marcotti: He’s Maresca’s guy, having worked together at Leicester City, and he played a lot in the Conference League last year. They need him for depth in 2025-26.

Ogden: It depends what his ambitions are. Does he want to be at a big club as a fringe player who rarely plays, or move to play every week? Without Conference League football, when will he play?

Verdict: Keep

Mathis Amougou (19, 2033)

Marcotti: He came over in January and played a grand total of 24 minutes. I’m bringing in Andrey Santos so he can go on loan to get regular minutes.

Verdict: Loan him out

Cole Palmer (23, 2033)

Ogden: You absolutely keep him because he’s their star player. But Chelsea have to make progress to keep him happy because every top club in Europe would love to take him. Oh, and keep an eye on his relationship with Maresca. Palmer’s postmatch comments after the Conference League final about “sideways and backwards passing” were a clear shot at Maresca’s tactics.

Verdict: Keep

Andrey Santos (21, 2030, spent 2024-25 season on loan at Strasbourg)

Ogden: He did well at Strasbourg, even scoring 10 league goals. You need depth in central midfield, and he’s ready to provide it.

Verdict: Keep

Lesley Ugochukwu (20, 2030, spent 2024-25 season on loan at Southampton)

Ogden: You have to loan him out again. You can’t transfer him for a fee because you won’t get enough back, so he’ll go out again on loan. Southampton were really poor, so it’s almost hard to judge him.

Verdict: Loan him out

Carney Chukwuemeka (21, 2028, spent 2024-25 season on loan at Borussia Dortmund with permanent option)

Marcotti: Dortmund reportedly have an option to buy at €35 million. That doesn’t mean too much since they can negotiate down. He only started two games, but that doesn’t mean they won’t keep him. I’m not sure there’s a pathway for him at Chelsea, so I think you move him on. Any fee over £10 million and you’re making a profit.

Verdict: Move him on

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Forwards

Jadon Sancho (25 years old, was on loan from Manchester United with permanent option, contract expires in 2026 with club option for additional year)

Ogden: Chelsea wanted to keep him, but they couldn’t agree on personal terms and so they sent him back to United, paying a £5 million penalty. That was a foolish move on Sancho’s part, but not the first of his career.

Verdict: Moved back to Man United

Mykhailo Mudryk (24, 2031)

Marcotti: Last played for Chelsea in November and then got hit with a ban following a positive PED test. You can’t really do anything until that gets resolved.

Verdict: Keep

Tyrique George (19, 2027 with club option for additional year)

Marcotti: He did really well when Maresca gave him a chance late in the season. I think you keep him and make him part of the winger rotation.

Verdict: Keep

Pedro Neto (25, 2031)

Marcotti: I’m not bowled over by him, but he works really hard and covers both wings.

Ogden: I like Neto. He didn’t have a great year, but his stoppage-time goal against Fulham transformed Chelsea’s season, and he delivered when it mattered. He’s a quality player.

Verdict: Keep

Noni Madueke (23, 2030 with club option for additional year)

Verdict: Keep

Nicolas Jackson (23, 2033)

Marcotti: I wasn’t a fan at first, but he has developed nicely. With Liam Delap coming in, they may share the center forward position or he might play wide, which he did earlier in his career. He’s not going to be overused like he was last season when there was nobody else Maresca trusted up front.

Ogden: I agree. He’s not the most technically gifted player, but he makes things happen and scores goals. A valuable member of the squad.

Verdict: Keep

Christopher Nkunku (27, 2029)

Ogden: His relationship with the club isn’t good, he has four years left on his contract, and he has never fit. Move him if you can, but this has “last week of August loan move” written all over it.

Marcotti: Yeah, he won’t be easy to shift on a permanent deal. His wages are significant, he’s had his injuries and you’d need to get at least £35 million for him to cover his amortization. It’s very tough to see how they could do that.

Verdict: Move him on, if you can

Marc Guiu (19, 2029 with club option for additional year)

Ogden: I like him. There’s something there, but he needs to play more. Ipswich want him on loan to replace Delap, and that strikes me as a perfect next step for him.

Marcotti: I haven’t been impressed, though, to be fair, he’s had injuries. His development is a slow burn: Maybe he can stay as a third center forward, and then see what he can contribute. You can always loan him in January.

Verdict: Split between loan and keep

David Datro Fofana (22, 2029, spent part of 2024-25 season on loan at Goztepe)

Ogden: He went to Turkey on loan, but got injured and came back to rehab at Chelsea. I think you have to send him on loan again.

Marcotti: Chelsea didn’t pay much for him, so I guess they can carry him until he gets fit and then loan him out.

Verdict: Loan him out

João Félix (25, 2031, spent part of 2024-25 season on loan at AC Milan)

Marcotti: He’s there because of the Conor Gallagher deal — moving the other direction in order to facilitate the England midfielder’s move to LaLiga — and, possibly, because they somehow believed Maresca could solve the João Félix conundrum. I’m not sure anyone can — Sérgio Conceição at Milan certainly could not. At this point, you make Uncle Jorge [Mendes] fix this somehow, since he’s the reason (as Félix’s agent) you’re stuck with him.

Ogden: Chelsea gave him a seven-year contract. SEVEN YEARS! This is a case of reap what you sow.

Verdict: Move him on, if you can

Armando Broja (22, 2028, spent 2024-25 season on loan at Everton)

Marcotti: I really like him and he may yet develop, but he has had horrendous injuries and hasn’t actually scored a goal since January 2024. Everton have an option to sign him at £30 million: I doubt they’ll exercise it, though they may try to negotiate down, and maybe you can do a deal. If not, send him off on loan again.

Verdict: Loan him out

Raheem Sterling (29, 2027, spent 2024-25 season on loan at Arsenal)

Ogden: He is owed £30 million in wages over the next two seasons, so you can’t just pay him off and cancel his contract. However, after the season he had at Arsenal, you’re going to struggle even to loan him out, much less move him on permanently. To be honest, I think he’s done as a top-level player. He’s been around since he was 17, and it shows.

Verdict: Move him on, if you can

Deivid Washington (19, 2030, spent part of 2024-25 season on loan at Santos)

Marcotti: The loan lasts until Dec. 31, so just leave him there and hope he develops. He’s obviously a slow burn.

Verdict: Evaluate when loan ends on Dec. 31, loaning him out again if necessary

Estevao Willian (18, 2032)

Marcotti: Chelsea signed him when he was 17 for a monster fee that could rise as high as $60 million, but they could only bring him over once he turned 18 in April. He already has four caps for Brazil, he’s an exciting winger, though he won’t join Chelsea for the Club World Cup; instead, he’ll get a swansong with Palmeiras before moving.

With someone that young, you’d be tempted to loan him out once he does arrive this summer, but if João Félix and Sterling go — and you hope they do — maybe it makes sense to keep him as a fourth winger if they don’t sign one. Yet they might be smart waiting to make a decision until after they see his performances at the Club World Cup.

Verdict: Loan him out

Kendry Páez (18, 2032)

Marcotti: A bit like Estêvão, Chelsea signed him when he was 16 for $20 million in fees from Independiente del Valle in Ecuador, but he can join this summer only upon turning 18. Let Maresca take a long, hard look at him this summer, but I imagine the logical thing is to loan him.

I think Estêvão is ahead of him short-term in terms of sticking around, mainly because he played against better competition in Brazil and because it’s easier for a winger to get playing time than an attacking midfielder. So perhaps you loan him to Strasbourg or somewhere he can play and you can keep an eye on him.

Verdict: Loan him out

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Assessment

If you’ve read this far, you know Chelsea are dealing with a lot of players, which may be why they have not one, but two sporting directors. As we mentioned, they have their own model based on youngsters, long contracts and snatching up talent, regardless of whether there’s a pathway or need at the club. It would be imprudent to move away from it at this time, but equally, if they are to compete in the Premier League and Champions League next season, there are specific needs to be addressed.

One of those is in goal. We both agree that if you have a chance at getting a clear upgrade at a reasonable price — like Maignan from Milan — you pull the trigger. Where Mark and Gab differ is how big the upgrade should be to make it worthwhile. Mark thinks anyone better than the army of keepers they currently have makes sense. Meanwhile Gab is wary about the wage structure and reckons it’s worth it if it’s a Maignan-level guy; if not, bring back Petrovic from Strasbourg and let him compete with Sánchez.

The other evident need is up front, where Jackson was the only first-team option last season. That has been addressed with the signing of Delap, one of the more exciting young center forwards around.

Getting Delap for his £30 million release clause was a coup. He can split time with Jackson, allow you to shift Jackson wide on occasion, or even just sit and take his time to adjust to a new club. Gab thinks they should hang on to Guiu, because he thinks you need three center forwards if you’re in the Champions League.

Chelsea need depth in central midfield, and we think they’ll have that if they bring back Andrey Santos. The addition of Dário Essugo — who comes in from Sporting but spent last season on loan at Las Palmas — gives them another option. Seven central midfielders for three slots might actually be too many, so maybe one of Essugo or Santos gets loaned out.

The Blues look a little short in the winger department beyond Neto and Madueke, which is why Gab wants to hang on to George. João Félix and Sterling don’t appear to have a future here, and it’s unclear when Mudryk will be available again. (It’s also a case of what condition he’ll be in, not having played since November 2024.)

Estêvão is very young and could be an option, but we think it’s more likely they may make a signing, perhaps after transferring some players out and raising some funds. Remember though that they’ve signed Geovany Quenda from Sporting CP for a deal that could be worth up to £44 million. He’ll arrive next summer.

At the back, Gab thinks Chelsea are pretty much sorted. Mark wouldn’t mind an alternative to Cucurella at left back, while Gab reckons Colwill could fill that role, with someone else coming in at center back if necessary.

Like last year, just as critical as who comes in is who Chelsea manage to shift. It’s not just high earners like Sterling, João Félix and Chilwell, it’s also youngsters whose transfers turn into huge profit. And it’s figuring out which guys to send on loan and where (no, they can’t all go to Strasbourg). We have as many as twenty players who we think should move, whether on loan or on a permanent deal. Getting it right there is just as critical as bringing in the right players.