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Cole Palmer has been acquired by CHELSEA, pushing Todd Boehly’s transfer spending above the $1 billion line.
The winger is moving from Manchester City to The Blues for an initial £40 million and a further £2.5 million in add-ons.
Since taking over the club last May, chairman Boehly has spent an astounding £1,032,250,000, according to this figure.
Although it is exceedingly doubtful that Palmer will play, Chelsea swooped for him on Tuesday and should have him registered in time for his debut against Nottingham Forest tomorrow.
Palmer, 21, is a rising star for Manchester City, but he hinted in the summer that he would think about other options due to his desire to play for the first team.
However, he is joining one of the most expensive and prestigious teams in the world, where there are already a number of players in his position.
Palmer comes on board as Callum Hudson-Odoi, a fellow wide receiver, departs to join Premier League side Nottingham Forest.
The fourth most expensive signing for Chelsea this summer, after Moises Caicedo, Romeo Lavia, and Christopher Nkunku, he becomes the club’s eleventh newcomer.
Palmer scored twice for Man City last month, once in the Super Cup victory against Sevilla and once in the Community Shield loss to Arsenal.
But in their first three Premier League games, he only saw 10 minutes of action, and that cameo came off the bench in a 3-0 victory over Burnley.
Palmer left City permanently for the seventh time this summer after registering six goals and two assists in 41 games.
Brighton was also interested in Palmer, although the Citizens turned down a £30 million offer from Brighton earlier this summer.