You can criticize their transfer approach from a pure footballing sense, but I don't see how it's in anyway a negative against their overall model. The business like approach implemented by Marina Granovskaia is exactly why they haven't had to hurt their first team to make a transfer, because every year they pay for most of their transfers with other business. If anything, other wealthy clubs should be looking at Chelsea and imitating this model, especially the clubs that are in severe debt. I recognize and can accept arguments from a footballing perspective, that buying tons of youth players for a loan/development army so you can make money over time is a bad model, but it's been a hugely successful financial model that is directly the cause of their current first team. Without that revenue, they wouldn't have spent anywhere close to what they have over the last 10 years, because until 2020 with the pandemic Abramovich had not put much into the club. He spent huge early on to build Chelsea into a top club, and most importantly spent a fortune behind the scenes, but they have been operating within their means for the last ~10 years or so.