Chelsea’s multi-club ownership model is under fresh scrutiny after French journalist Jean-Louis Tourre delivered a scathing assessment of the Blues’ transfer relationship with Strasbourg.

Both clubs are controlled by BlueCo, and this summer’s window saw six transactions between them: Chelsea loaned Mike Penders, Kendry Páez, and Mamadou Sarr to Strasbourg, while the Ligue 1 side purchased Mathis Amougou, Ishe Samuel-Smith, and Ben Chilwell.

Tourre argues these internal deals undermine fair competition in France.
“In my view, Strasbourg distorts the league and can do things that other European clubs cannot. I see this as a distortion of competition.”

According to him, Strasbourg’s operations go beyond what other multi-club models are doing.
“Strasbourg does things that other multi-club models do not. Toulouse have never done transfers with AC Milan (owned by RedBird Capital), and Nice have not with Manchester United (owned by INEOS).”

Tourre points to financial fair play as a major concern, claiming Strasbourg’s access to Chelsea’s resources allows them to artificially boost their balance sheet.

“Where an ordinary club must spend only the money it generates itself – that’s the principle of financial fair play – Strasbourg has no problem artificially inflating its revenues.”
One of the clearest examples, he says, is the case of Mamadou Sarr.
“The clearest case is Mamadou Sarr, bought from Lyon for €10 million in summer 2024, sold to Chelsea a year later for €14 million, and then loaned straight back to Strasbourg. Essentially, you amortize the €10m fee, take a profit, and still keep the player in your squad.”
That practice, Tourre warns, inflates Strasbourg’s transfer activity on paper.
“At the end of the transfer window, Strasbourg can claim they sold players worth €100 million thanks to Habib Diarra and Dilane Bakwa.”

The journalist also questioned how transfer fees are negotiated between two clubs owned by the same group.
“For example, Mathis Amougou was bought from Chelsea for €14 million. I don’t know how the negotiation process works when BlueCo controls both sides. The same with Ishe Samuels-Smith, signed for €7.5 million even though his market value was listed at €700,000. He was quickly loaned out to free up space for Chilwell, before the deal was made permanent since Strasbourg already had three loan players from Chelsea.”

Tourre believes the transfer of Chilwell in particular highlights the problem:
“This is a transfer Strasbourg could never normally make – we’re talking about a player Chelsea signed for €50 million five years ago. Multi-club ownership will continue, but I think there needs to be order. These internal transfers should be banned. It’s a direct road to conflicts of interest and agency commissions.”
He also drew parallels with previous controversies in France.

“Clubs, led by Reims president Jean-Pierre Caillot, have already ruled that Lyon breached rules when the DNCG banned transfers, but the club still executed them through paid loans… Strasbourg is doing things others cannot, just as John Textor did things he wasn’t allowed to. If people complained last year, they should complain now too.”