By Martin Graham
when Strasbourg next it became part of the BlueCo project Chelseamany supporters believed the benefits outweighed the trade-offs. The club quickly became competitive in Ligue 1, topping the UEFA Conference League group stage last month and starting major infrastructure work at the Stade de la Meinau. The £157 million redevelopment modernized the facility and increased capacity, indicating long-term ambition.
Financially, the contrast with the pre-BlueCo era has been stark. Before the takeover in 2023, Strasbourg’s annual spend on incoming players rarely exceeded £10m. Since then, the numbers have increased dramatically, with more than £200 million invested in three campaigns. Last summer alone, Strasbourg outbid every other French side, including Paris St-Germain.
This athletic rise was closely linked to the energetic, attacking approach introduced by head coach Liam Rosenior. However, the optimism surrounding this project was shaken when Rosenior left mid-season to take charge of Chelsea, bringing an abrupt end to what many fans saw as a transformative period.
Supporter reaction and fears of submission
The manager’s departure has intensified long-standing concerns about Strasbourg’s position within a multi-club ownership model. According to Strasbourg-based journalist Cyril Olives-Berthet, the reaction locally has been one of disbelief, even among those previously open to BlueCo’s influence. He suggested the owners had damaged their own position, prompting criticism in the French football media.
Gary O’Neil has been named as Rosenior’s replacement, but doubts remain among supporters as to whether he has the pedigree for the role. With around 100 senior games under his belt as manager, his arrival has been greeted with caution rather than enthusiasm.
For sections of the fanbase, opposition to BlueCo predates recent events. The club’s ultras continue to hold silent protests during the first few minutes of matches. For them, Rosenior’s move symbolizes what they see as the erosion of independence. Alexandre, a spokesman for the players’ federation, argued that leaving midway through a campaign crossed a line, distinguishing it from a conventional step in a coaching career.
Club chairman Marc Keller, who guided Strasbourg from the fifth tier to Ligue 1 before selling them to BlueCo, acknowledged the disappointment. While he insisted that Rosenior’s departure was neither planned nor wanted, he accepted that football sometimes requires quick adjustments. Keller has also dismissed claims that Strasbourg operate merely as a secondary arm of Chelsea, although recent developments have made that stance harder to defend.
A “unique” model under control
Multi-club ownership is now widespread, with half of the Premier League linked to such structures. Major groups such as City Football Group and Red Bull operate extensive networks, often allowing staff and players to progress internally. However, these systems tend to revolve around a clear flagship club, with moves rarely occurring mid-season.
Football finance expert Kieran Maguire described the Chelsea-Strasbourg relationship as unusual. Unlike football-focused conglomerates, he characterized BlueCo’s approach as closer to an investment strategy focused on acquiring undervalued assets and maximizing returns. Strasbourg, he suggested, risks being seen as a staging ground for talent eventually destined for Stamford Bridge.
This perception is reinforced by the transfer activity between the two clubs. A dozen players will have moved from Strasbourg to Chelsea next summer, including captain Emmanuel Emegha, whose impending move has caused particular unease. While Strasbourg have also benefited from sales to other clubs and benefited from loans, certain transactions have appeared complicated and difficult to justify sportingly.
The wider debate extends beyond Alsace. Fans of other clubs within multi-club networks have also expressed anger, while governing bodies have struggled to impose meaningful limits. While UEFA and FIFA have taken isolated actions, the general direction of travel suggests that these ownership models are here to stay. For Strasbourg’s supporters, the challenge now is to reconcile improving outcomes with a growing sense that key decisions are no longer theirs.
