The honeymoon period might be over for Todd Boehly’s big-spending Chelsea as Real Madrid prepare to pounce on their record-breaking midfielder

Remember when Chelsea seemed to have endless pockets? Those days of splashing £100million like pocket change might be coming to a screeching halt, and Enzo Fernandez could be the first major casualty.
The Argentine wizard, who became the most expensive Premier League signing in history at £107million, is now firmly in Real Madrid’s crosshairs. Los Blancos aren’t just window shopping either – they’re reportedly making Fernandez their top summer priority as they prepare for life after Luka Modric.
The Plot Thickens at Stamford Bridge
Here’s where it gets interesting. Enzo Maresca absolutely adores his midfield maestro. The 24-year-old has been virtually ever-present this season, racking up 44 appearances across all competitions and proving his worth week after week. But football’s harsh financial realities are knocking at Chelsea’s door, and they’re knocking loud.

Those dreaded three letters – PSR (Profit and Sustainability Rules) – are giving Chelsea sleepless nights. Years of unprecedented spending are finally catching up with the Blues, forcing them into an uncomfortable position they’ve rarely found themselves in: actually having to consider selling their best players.
Madrid’s Perfect Timing
Real Madrid’s timing couldn’t be more surgical. With Modric set to bow out after the Club World Cup, they need a world-class midfielder to fill that creative void. Enter Fernandez, whose silky touches and World Cup winner’s mentality make him the perfect fit for the Bernabeu.
The Spanish giants know Chelsea are vulnerable right now. When you’ve got over £200million tied up in just two midfielders (Fernandez and Moises Caicedo), and PSR regulations breathing down your neck, even the most stubborn club starts listening to offers.
The Untouchables vs The Expendables
Sources suggest Chelsea would entertain offers for almost anyone in their squad – with just two notable exceptions. Caicedo and Cole Palmer are apparently the only players with ‘Do Not Touch’ signs around their necks. Everyone else? Fair game if the price is right.
It’s a remarkable turnaround for a club that seemed allergic to selling key players just 18 months ago. But financial pressure has a funny way of changing priorities, doesn’t it?
What This Means for Chelsea
Losing Fernandez would be more than just losing a player – it would signal a fundamental shift in Chelsea’s approach. The World Cup winner has been the heartbeat of their midfield, the player who makes their engine tick. His departure would leave a gaping hole that might be impossible to fill adequately.
But here’s the silver lining: Romeo Lavia is waiting in the wings. The Belgian youngster has shown flashes of brilliance when fit, and losing Fernandez might finally give him the consistent game time he needs to flourish.
The Numbers Game
At €75million according to Transfermarkt, Fernandez represents significant value that could help balance Chelsea’s books whilst funding other crucial signings. It’s not the romantic side of football, but it’s the reality of modern PSR compliance.
What Happens Next?
With the Premier League season entering its final stretch and Chelsea facing Nottingham Forest this weekend, expect this saga to rumble on throughout the summer. Madrid rarely fail to get their man when they set their sights on someone, and Chelsea’s financial predicament only strengthens their hand.
One thing’s certain: the era of consequence-free spending at Stamford Bridge appears to be over. Whether that’s good or bad for Chelsea remains to be seen, but it’s certainly going to make for a fascinating summer transfer window.
The question isn’t whether Madrid will make their move – it’s whether Chelsea can afford to say no.