Chelsea spend £1bn under Todd Boeli thanks to Cole Palmer deal

Chelsea have added Cole Palmer to their roster of young attacking talent. Photo: Getty Images/Harriet Lander

Chelsea's spending on club Clearlake Todd Boeli's share of capital has topped £1bn since signing Cole Palmer.

Palmer joined with £40m guaranteed , plus £2.5m in extras, meaning the club has now spent over £1bn in three transfer windows since the Clearlake-Boeli takeover.

The £448.5m spent by Chelsea this summer, including a £115m deal for British record holder Moises Caicedo, is also a one-stop world record but was offset by more than £200m from player sales .

Palmer signed a seven-year contract with Chelsea with an option for a further 12 months and said: “I am very happy to start work and I am very pleased to sign the contract. I joined Chelsea because the project sounds good here and because of the platform I will have to try and showcase my talents. It's a young and hungry team and hopefully we can do something special here.»

Chelsea directors of sport Lawrence Stewart and Paul Winstanley said: “Cole comes with Premier League and title experience. league and enhances the quality and versatility of our attacking unit.

“He has shown his talent and potential in the toughest of conditions and internationally played for England at the European Under-21 Championship this summer. He is undeniably ready for this next step and we are excited for it to happen at Chelsea.

With the confirmation of Palmer's signing, Chelsea spent deadline day working on signing more players, with Callum Hudson-Odoi moving to Nottingham Forest for an initial fee of around £5m.

Chelsea turned down Munich's offer Bayern £35m for Hudson-Odoi four years ago but injuries and out of form hampered his progress and, with just 12 months left on his lucrative contract, the Blues were forced to accept a 22-minute cut deal. of the summer.

Chelsea have entered into a significant clause to sell Hudson-Odoi Forest, meaning the club can still cash in if the winger can revive his career and reach his potential.

Bayern Munich are continuing talks to try and bring Trevo Chalobah on loan before the German transfer window closes at 5pm UK time. and Chelsea are still gearing up for Tottenham Hotspur's belated offer for Conor Gallagher.