Chelsea opted not to pursue Declan Rice in the summer of 2023, allowing Arsenal a clear path to secure the England international midfielder for £105 million ($128 million). Despite strong links between Rice and Chelsea, who had previously nurtured him in their academy, the club refrained from making an approach. The reasoning behind this decision, as reported by The Telegraph, was Chelsea’s belief that the transfer fee for Rice included what is often referred to as an “English premium,” which tends to inflate the prices of English players when moving between Premier League clubs.
In addition to Rice, Chelsea also chose not to submit bids for James Maddison and James Ward-Prowse, who were set to leave relegated Leicester and Southampton, respectively. Instead, Chelsea directed their investments towards other prospects, spending more on Cole Palmer than Tottenham paid for Maddison and an additional £20 million ($24 million) on 19-year-old Romeo Lavia compared to West Ham’s outlay for Ward-Prowse.