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I would hate to see Chelsea buy success, but teams have shown before that you can buy success where others have failed. Real Madrid have won the Champions League/European Cup many times, but it is not the best example anyway because they were knocked out by another side who have some of the biggest names in world football (Buffon, Thuram, Nedved, Del Piero, Trezeguet etc). They have also dominated the Spanish Primera for many years and were the first side in the Champions League to qualify through the group stage this season. Man Utd tried to buy success for many years, and it was years before Ferguson won anything. He was on the brink of the sack and widely criticised by fans when Man Utd were hammered by Man City, what many considered the last straw. Yet it was a home-grown side which won him the title and some of those players were winning him titles many years later (Butt, Scholes, Beckham, Giggs, G Neville, P Neville etc). That was how Man Utd rose to success, but it is not the only way. When Blackburn won the Premier League they had spent heavily in those day's standards, but that was followed by relegation because they didn't have the infrastructure to maintain dominance. Leeds tried to buy success with a massive bank loan, but their ability to pay that back was dependant on qualifying for the Champions League. They did enjoy a run of success, even getting to the last four of the Champions League, but their big financial gamble ended in misery. Newcastle were one game away from relegation to the 3rd Division ten years ago, yet a couple years later we were leading the Premier League by 12 points and should really have won the title - this surge was achieved by buying players, not our youth system which has always been appalling.
So it's not so clear-cut. Chelsea have financial security, so long as Abramovich doesn't do a runner. They are prepared to spend ruthlessly like Real Madrid, and I doubt they would mind achieving the same success. This season is a difficult one to call, but Abramovich has said if they fail he will keep on spending and spending, and so far he has been more than willing to put his money where his mouth is. If Abramovich has any patience and really does try to build an empire at Stamford Bridge then Chelsea are a massive threat. If he does a runner then they could really be in the shit, but realistically he's bound to give them at least a couple of years before cutting his losses.
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