Chelsea remain the only Premier League team without a front-of-shirt sponsor. It is not an issue which will be solved by the end of the season; that ship has long sailed.
Having entered the 2023/24 campaign without a primary partner, eventually settling on Infinite Athlete but only after the third game was completed, there is still no clear direction that the club are taking despite being almost 18 months on. Without Champions League football confirmed, it is a hard sell.
Chelsea's last sponsor for a full year was mobile company Three. They continue to be associated with other parts of the club, including the women's team. Three were paying Chelsea around £40million-per-season, on a three-year deal.
Complications arose initially when Three did not wish to continue their branding after Roman Abramovich was sanctioned by the UK government for alleged links to Vladimir Putin following Russia's invasion of Ukraine. The contract was not continued past their final season in 2022/23.
Chelsea's struggles to find a new sponsor were wide-ranging. A prospective deal with American broadcast giant Paramount+ was blocked by the Premier League due to a conflict of interests with NBC and other rightsholders.
When reports of an agreement with online betting company and casino Stake emerged, supporters hit back and matters never went any further. Chelsea have held talks with a number of organisations since, including Riyadh Air and Oman Air.
The biggest obstacle for the decision-makers has been the length and size of the agreements. Chelsea have been out of the Champions League ever since their deal with Three ended.
The opportunity to parade a sponsor on the world stage in front of more fans in Europe is a big attraction. Without continental football last season and only being in the Conference League now, Chelsea were not willing to commit to a deal. When those opportunities did arise, Chelsea have also not wanted to tie themselves down into a partnership less lucrative for a long period.
The logic is, if Chelsea were to agree to a £20million-per-year front-of-shirt sponsorship but then they qualify for the Champions League, that deal will quickly be worth less than what they could have got elsewhere. On the other hand, companies are not keen to enter a covenant for 12 months without the promise of something longer on offer.
Chelsea, therefore, have a blackhole in their accounts. This will not come out until next year's figures are released. In part it will be offset by the return of European football, but just qualifying for the Champions League is worth more than winning the Conference League, such is the disparity.
Without a primary sponsor, Chelsea have to raise their revenue in another way. On-field struggles and dropping down the UEFA competitions (as well as out of them entirely last season) have seen player sales and trading take on an increasingly large role.
The reality is now, with next season's new kits being finalised, Chelsea are still not sure who their sponsor will be. It does not help that their position in the table is fluid and once more European qualification is uncertain.
With nine Premier League matches left Chelsea could still finish third. Enzo Maresca's side could just as likely drop down to eighth or ninth with the remaining fixtures.
Currently, the gap to Newcastle United in sixth place is two points. Eddie Howe's men have a game in hand and could leapfrog Chelsea into the top four. Fifth is almost certain to be enough to secure a spot in the Champions League this season.
Newcastle now have the momentum of winning the Carabao Cup to carry them through the rest of the campaign. Brighton are also in good form and are only two points behind. Manchester City are as inconsistent as ever but have a kind run-in.
Chelsea, on the other hand, do not. They still have to face Liverpool at home as well as visiting Nottingham Forest and Newcastle. Tottenham and Manchester United travel to Stamford Bridge and are never easy opponents, even if the table suggests otherwise.
Winning the Conference League is just as good of a route at getting Chelsea into the Europa League as the final league finish is right now. The Europa League is not going to draw in sponsors rivalling the £40million from Three or those even more bathed in riches for their rivals.
This all impacts the plans and numbers for the upcoming summer and next season. The race for a top five place is set to go down right to the wire, though, putting a halt proceedings for another two months.
Talks can continue and options will be needed. Chelsea are still playing for more than just qualification here. The level of Europe they get into (if indeed they do) will determine how much can be spent on new players - and conversely who is or is not at risk of being sold - as well as helping to maximise a big commercial deal.
There is a reason that clubs do not tend to operate without primary sponsors for long. Chelsea, as has been the case for most of the Clearlake-Boehly ownership, have taken themselves on a different route.
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