The clock is ticking for Chelsea's BlueCo ownership, and the fans are making sure they hear it loud and clear.
"We don't care about Clearlake, they don't care about us." That chant has become the soundtrack to a season of growing discontent at Stamford Bridge. After a dismal 3-1 defeat to a second-string Nottingham Forest side on Monday, the Blues can no longer finish fifth in the Premier League, and their chances of Champions League qualification—the bare minimum target set before the season—are hanging by a thread.
The moment of reckoning has arrived for BlueCo, the holding company controlled by Todd Boehly and his allies alongside majority investor Clearlake Capital. What started as a murmur of frustration has swelled into a chorus of anger, with fans targeting everything from the club's direction on the pitch to its ticketing policies off it.
This isn't just about one chant. It's about a widening disconnect between the stands and the boardroom. Chelsea are now searching for their sixth permanent manager in just four years after Liam Rosenior was sacked last month. Players are being accused of a lack of effort, and supporters are fed up with rising ticket prices and a perceived lack of transparency.
The financial picture doesn't help. Chelsea's latest accounts revealed a staggering £262 million pre-tax loss—a Premier League record—while UEFA continues to monitor the club under a settlement agreement that limits spending on players. It's against this backdrop that BlueCo finds itself on trial in the court of public opinion.
At the heart of the backlash is Not A Project CFC, a growing fan movement demanding major change. They've announced two more protests: one on Wembley Way before the FA Cup final against Manchester City, and another urging fans to turn their backs in the 22nd minute of the final home game against Tottenham—a nod to 2022, the year BlueCo took over from sanctioned Russian billionaire Roman Abramovich.
Club insiders have tried to calm the storm. Director Danny Finkelstein recently told supporters it was "obvious" Chelsea were building one of the best teams in the world, but a leaked recording of that conversation only added fuel to the fire.
For now, the picture looks bleak. Chelsea sit ninth in the league with just three matches left. But with an FA Cup final on the horizon, the question remains: can BlueCo still salvage this season—and the trust of the fans who once filled the stands with hope?