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Could this be the turning point for Chelsea under the much-criticised BlueCo ownership? The club has pulled off what appears to be a massive coup by convincing Xabi Alonso to join Stamford Bridge, despite their ongoing struggles. Somehow, the highly respected 44-year-old former Real Madrid manager has agreed to take charge, ushering in what could be a transformative summer for the Blues.

Alonso will officially take over on July 1 under a four-year deal, with the crucial distinction that his designation is 'manager' rather than 'head coach'. This change indicates that he will have significantly more authority than the string of recently dismissed head coaches before him, especially in terms of recruitment and player departures when the transfer window opens. It also signals Chelsea’s shift away from a youth-centric approach that has failed to produce consistent results so far.

The Bundesliga-winning tactician’s arrival is an enormously promising appointment for a team that looked directionless just days ago. The FA Cup final loss to Manchester City capped off yet another disappointing campaign, which could still end with a mid-table Premier League finish. Now, however, there’s renewed optimism and energy as the club prepares for a crucial few months ahead.

While some within the club stand to gain immensely from Alonso’s arrival, others may find themselves on the losing side. Here’s a breakdown of the winners and losers following Chelsea’s momentous managerial decision.

WINNER: BlueCo

How on earth did BlueCo pull this off? That’s the question everyone is asking after Chelsea’s owners secured one of the most respected young managers in world football, despite the team’s likely failure to qualify for the Champions League and another disappointing season finishing mid-table.

This appointment comes despite the ownership group’s missteps so far — from their erratic transfer policies to their constant managerial changes. Alonso is their fifth permanent hire in just four years. Yet, the Spaniard’s acceptance of the job speaks volumes about the club’s enduring prestige, even if not necessarily about the current board’s reputation.

For Behdad Eghbali, Todd Boehly, and their partners, this is a major victory at a time when their standing among fans had plummeted. The timing of the announcement—immediately following the FA Cup final defeat—was no coincidence. Prior to kickoff, hundreds of frustrated fans had protested against the ownership on Wembley Way.

LOSER: Liverpool

Chelsea’s triumph could well be Liverpool’s setback. Fenway Sports Group (FSG) have stood by Arne Slot during a difficult title defence that might still end without Champions League qualification, even though club legend Alonso had been available since mid-January following his dismissal by Real Madrid. Factors such as last summer’s squad overhaul, Mohamed Salah’s dip in form, injuries, and Diogo Jota’s tragic death have all been cited as reasons for their struggles.

Despite Slot’s previous success—leading Liverpool to the Premier League title in his debut 2024-25 campaign—supporter patience is wearing thin. Many fans had hoped that Alonso, a former midfield maestro for the Reds, would return to Anfield next season. But just 35 hours after Liverpool’s crushing 4-2 loss to Aston Villa, Chelsea swooped in and announced Alonso’s four-year deal, effectively ending Liverpool’s dream reunion.

WINNER: Enzo Fernandez

Could this new appointment influence Enzo Fernandez’s plans? The Argentine midfielder has been open about reassessing his future this summer, particularly if Chelsea failed to secure Champions League football. After hinting at a possible move to Real Madrid during a March international break interview, Alonso’s arrival could now change his outlook.

This move represents the ambition Fernandez has been seeking. His agent, Javier Pastore, previously confirmed that talks over a new contract had taken place, though they were paused until after the World Cup following earlier disagreements. Working under Alonso—a Spanish-speaking former world-class midfielder who has won everything—might be an opportunity too good to pass up.

Fernandez could thrive in a role similar to Granit Xhaka’s under Alonso at Bayer Leverkusen, operating as a deep-lying playmaker connecting midfield and attack.

LOSER: Reece James

One player who might not fit seamlessly into Alonso’s plans is club captain Reece James. If Alonso reverts to his successful 3-4-2-1 setup from Leverkusen, it would require dynamic wing-backs—a role that might test James’s physical resilience.

Once among the world’s best attacking wing-backs, the 26-year-old’s recurring hamstring problems have forced him to adapt into a more defensive right-back or hybrid midfielder. Although he has regained fitness, his explosiveness has waned. Whether he can return to his high-energy flank role remains uncertain, especially with younger options like Malo Gusto or incoming recruit Geovany Quenda potentially better suited to the demands.

WINNER: The Fans

For Chelsea supporters, this appointment feels almost unbelievable given the club’s recent turmoil. Discontent among fans had been growing for months, culminating in protests against BlueCo’s leadership—including demonstrations before the FA Cup final, where banners reading “BlueCo OUT! We want our Chelsea back” were displayed.

Alonso’s arrival has instantly eased much of that anger. His reputation and footballing vision could help unite a fractured fanbase and unlock the team’s potential. The fact that he’s been appointed as ‘manager’ rather than ‘head coach’—a deliberate move by the club—suggests he will have more influence than his predecessors. The board must now back him with experienced, high-quality signings. Alonso proved at Leverkusen what he could achieve with the right players, bringing in Xhaka and others in 2023 to dethrone Bayern Munich and secure the club’s first-ever Bundesliga title.

Despite the disappointment of this season, Chelsea fans will now look ahead to the summer with renewed optimism and belief that a new era could be beginning.

LOSER: The Wingers

If Alonso sticks with the 4-2-3-1 system he used in Madrid, Chelsea’s wingers might breathe easier. But should he return to the 3-4-2-1 structure that brought him so much success, several wide players could find themselves out of favour.

Estevao, however, appears safe. The young talent is comfortable playing as a No.10 and could easily slot in behind the striker—potentially alongside Cole Palmer supporting Joao Pedro. Quenda, joining from Sporting CP, can operate on either flank as a wing-back.

On the other hand, Alejandro Garnacho and Jamie Gittens, who cost a combined £92 million ($123m) last summer, have struggled to impress and may now face uncertain futures. Pedro Neto’s versatility could keep him involved, but likely only as a rotation option.