MANCHESTER, England (AP) — Against the geopolitical backdrop of Russia’s invasion of Ukraine in early 2022, a consortium led by American private equity titans took the opportunity to acquire one of soccer’s crown jewels.

What followed at Chelsea was torrid and, at times, bewildering.

Unprecedented spending. A carousel of coaches. Dramatic on-field collapses and the deployment of financial mechanisms that looked more at home on Wall Street than in sport.

Not to mention ridicule — by the truckload — as the new U.S. owners seemed to make one misstep after another in the unforgiving world of elite soccer.

Then, in July, Chelsea was crowned world champion.

The journey from chaos to the top of the world was as rapid as it was unconventional.

Shaking up soccer

Co-owner Todd Boehly boasted

See Full Page