Chelsea are at risk of going into the new season with a major hole in their finances – and the latest news from Italy is highlighting what they are missing.

The West London club, who are finishing what has been a tumultuous season strongly, began 2023-24 without a front-of-shirt sponsor.

They held talks with a number of potential partners but were not able to get a deal over the line until October, when they struck an agreement with Infinite Athlete.

That company, who specialise in sports data technology, were relatively unknown at the time and eyebrows were raised when it became clear that they were part of owner Todd Boehly’s business portfolio.

Chelsea were effectively forced into that deal as the Premier League had blocked their long mooted £40m agreement with streaming service Paramount+ amid concerns about upsetting their broadcast partners.

Now, as reported by Sport Business, Paramount+ have signed a short-term deal with Serie A side Atalanta ahead of their Europa League final against Xabi Alonso’s Bayer Leverkusen.

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Chelsea at risk of having no shirt sponsor again next season

Atalanta’s Paramount+ deal has highlighted that Chelsea are once again facing the possibility of beginning a new campaign without a primary sponsor.

Under the Roman Abramovich regime, that would have been unthinkable. But the new Chelsea owners’ scattergun approach has seen this kind of development become the norm.

They would argue that they do not yet have a deal in place because they are pushing for the best possible deal, but that logic does not hold water when the final price will be reduced because it is for a reduced period of time – i.e. not a full season.

They are also likely incur frustration from supporters who may end up buying a shirt with no sponsor ahead of the new season only for a deal to be struck mid-way through the campaign.

While many supporters prefer the look of a sponsorless shirt, there are just as many who will feel that it does not have the same authentic feel when it is not identical to the ones being worn by the players.

Paramount+ would have been an excellent partner for Chelsea, but the club also should have had the foresight to predict that the Premier League would have reservations about the deal.

What this means for Chelsea’s FFP status and transfer budget

Chelsea’s troubles under financial fair play (now called Profit and Sustainability Rules, or PSR) are well documented after their astronomical spending under Boehly and co.

However, recent reports have suggested that they are not necessarily in a position of having to sell before they buy in the summer transfer market.

That may well be down to two factors. One, the sale of two on-site hotels for £76m which the owners want to count towards their PSR quota. And two, the potential sale of their training ground.

Both of those deals have been conducted with other entities within the Boehly network, so they are effectively selling to themselves to stay afloat in terms of the Premier League’s spending rules.

But Chelsea cannot afford to keep kicking the can down the road. The reality is that at some point, especially with a stricter set of financial rules looming, they need to massively increase their revenue.