Chelsea to slash wage bill by 30% due to lack of Champions League football

Chelsea will slash their £300 million wage bill by 30% after failing to qualify for next year’s Champions League, according to the Daily Mail.

The Blues’ absence from Europe’s Premier competition will cost them big money and the players will have to sacrifice some of their wages.

Chelsea’s new owners implemented a bonus system that will see players lose out on significant sums for missing out on the Champions League.

Their most recent signings and old players that signed new deals will take a 30% cut on their earnings.

Chelsea have reportedly discussed new contracts that include potential wage increases as high as 50% if the club is in the Champions League.

The system under the new regime differs from the old, where players only took home bonuses for winning titles.

It is unclear whether the new wage regime will take effect immediately or whether players will get some time.

The new owners set up the incentivised salary structure to motivate players.

It also provides Chelsea with some financial protection if they miss out on the lucrative Champions League.

However, those with contracts from the Roman Abramovich era will receive full payment.

Toddy Boehly and the Clearlake Consortium have been active in the transfer market since arriving at the London club this summer.

They have signed 12 players on permanent contracts over the last two transfer windows.

They have also given seven players new contracts.

Chelsea crashed out of the Champions League yesterday following their second 2-0 loss to Real Madrid.

It crowned a torrid first season for Chelsea’s new regime in which they are currently 11th in the Premier League. They also crashed out of the two domestic English cups.

The owners have spent over £600 million and signed many underperforming players. 

Captain Thiago Silva warned the club’s owners to stop signing players and put a clear strategy in place after a disappointing campaign.

Chelsea have been through four managers this term and lost their last four games.

They have to get their act together to at least finish well and start preparing for the next season.