Chelsea legend Pat Nevin has warned the club could be hit with a points deduction next season.
The former Scotland international believes Champions League qualification is essential within the next 18 months if they want to avoid questions over Financial Fair Play.
Chelsea have recorded huge debts over the past two financial years as new owner Todd Beohly funded a £1bn spending spree - but have offset their immediate liabilities by selling the likes of Mason Mount and Kai Havertz to Manchester United and Arsenal.
But Nevin believes that the Blues could follow his erstwhile club Everton and Nottingham Forest down a path where on-field penalties are imposed.
He said: “My background is accounts and economics and the financial side of it intrigues me with Chelsea. How are they doing it and where is it working? They didn’t fall foul of FFP this time. But I’m seeing Everton get hit and Chelsea are also one of my old clubs - I just hope it’s not happening again.
“Because if you spent that much and you don’t get Champions League football and you amortise contracts over seven or eight years and that doesn’t work… you need that extra cash to make it work. That’s why I think they need to be in the top four next year. Chelsea are a bit better than they were - but I have to tell you I don’t know if they will be up there. I don’t.”
Nevin, who is still a regular visitor to Stamford Bridge with his punditry duties, says that the rationale behind the splurge in the transfer market was sound. It is just the execution that has been found wanting - with one exception.
He said: "When the new ownership took over I looked at it for a wee while and I thought that it could be good in maybe two years. Notice the 'could.' It's a great experiment. You
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