Chelsea has spent over $600 million on new signings. Here's why that's significant

Chelsea owner Todd Boehly prior to a Premier League match between Chelsea and Manchester United at Stamford Bridge, London.

(CNN)By all accounts Arsenal was very much in the running to sign Ukrainian superstar Mykhailo Mudryk during the January transfer window. As the current Premier League leader, the 22-year-old forward had the potential to be a pivotal addition in the title race.

Instead, Mudryk signed for Arsenal's crosstown rival, Chelsea.
Now run by American businessman Todd Boehly, Chelsea swooped in to sign Mudryk for a transfer fee of $75 million with an additional $35 million expected as a bonus payment, according to Mudryk's former club, Shakhtar Donetsk.
    Mudryk's acquisition -- as well as the deadline day, British-record $132 million deal for Enzo Fernández -- demonstrated what a manic January transfer window it's been Chelsea, one in which the club's spending has topped $350 million, according to Transfermarkt, and which has seen eight players arrive, including a raft of attackers.
      Back in May, the UK government approved the sale of Chelsea to an ownership group led by Boehly in a deal worth more than $5 billion.
        Chelsea was previously owned by Russian oligarch Roman Abramovich, who put the club up for sale in early March following the Russian invasion of Ukraine, saying at the time it was "in the best interest of the Club."
        In May, UK government added Abramovich to its list of sanctioned individuals as part of its efforts to "isolate" Russian President Vlamidir Putin following Russia's invasion of Ukraine.
          Boehly's reign has already seen him get rid of coach Thomas Tuchel, who guided Chelsea to its second Champions League title in 2020/21, replacing the German with Graham Potter.
          As well as Chelsea, Boehly has invested in a number of sporting franchises, including stakes in the MLB's Los Angeles Dodgers, the NBA's Los Angeles Lakers and the WNBA's Los Angeles Sparks.
          Since arriving at Chelsea, it's estimated that Boehly has spent over $600 million on transfers. Barely a day has gone by in January without Chelsea being linked with a host of players.
          "I think at least the past month has been pretty exciting as someone who's been covering it," Dan Dormer of the 'London Is Blue Podcast' told CNN Sport.
          "It also has been a little draining because it feels like every day we're waking up to a new link or a new story."
          Mudryk during the Premier League match against Liverpool at Anfield.

          Wheeling and dealing

          While players have arrived, Chelsea's results have been inconsistent -- for the time being -- as evidenced by the club's fans pining for days gone by and singing, "We've got Super Tommy Tuchel," during their team's 4-0 hammering by Manchester City in the FA Cup in early January.
          But Boehly's splurge on new talent has never wavered.
          "We're all in -- 100% -- every minute of every match. Our vision as owners is clear: we want to make the fans proud," said Boehly in a statement, released when his purchase of Chelsea was completed.
          "Along with our commitment to developing the youth squad and acquiring the best talent, our plan of action is to invest in the Club for the long-term and build on Chelsea's remarkable history of success."
          In his first full transfer window last summer as the club's interim sporting director, Boehly and Chelsea spent a reported $302.08 million on new signings, according to Transfermarkt. Chelsea never reports how much the club spend on transfers and chose not to comment when offered the chance by CNN on the club's recent outlay on new players.
          Boehly has gone out of his way to attempt to make the transition to life under Potter as smooth as possible, bringing in many of the former Brighton manager's coaching and backroom staff to assist him.