Has the 'moment of reckoning' arrived for BlueCo?

[BBC] "We don't care about Clearlake, they don't care about us. " Amid growing anger from Chelsea's fans towards the club's BlueCo ownership, that chant has become the anthem of this campaign. Monday's dismal 3-1 defeat by second-string Nottingham Forest in the Premier League means the Blues can no longer finish fifth - and are highly unlikely to meet their minimum pre‑season aim of qualifying for the Champions League.

It appears the moment of reckoning has arrived for BlueCo, who are now the target of an increasingly irate fanbase. While the Clearlake chant only targets one arm of the ownership, it is part of a wider disconnect between supporters and the club, amid the search for a sixth permanent manager in four years after Liam Rosenior was sacked last month. There is also a perceived lack of effort from players and dissatisfaction with ticketing policies.

Chelsea's most recent accounts showed a £262m Premier League-record pre-tax loss and Uefa continues to monitor the club under a settlement agreement from last summer that will regulate spending on players. It is against that backdrop that BlueCo - the holding company owned by Todd Boehly and his allies, along with majority investor Clearlake - are on trial with supporters. At the thick end is Not A Project CFC, a fringe but growing fan movement who are calling for major change - and have announced two further protests.

Chelsea have incentive-based contracts that include bonuses for Champions League qualification and believe they are broadly in line with the market. This is reflected in the club having the third-highest wage bill in their latest accounts for the 2024-25 season. However, they have been outbid by rivals on occasion, including in the deal that saw Marc Guehi join Manchester City in January.