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Making sense of Chelsea's infamous use of the loan system

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Long-time followers and readers of WAGNH will no doubt be familiar with the work of our friend Jake Cohen, who used to educate us on things like amortization, how FFP works (or at least was supposed to), what buyout clauses actually mean, and why Chelsea spend so much time and effort on the loan system.

From a footballing standpoint, we're of course looking for that one diamond in the rough, be that Thibaut Courtois or Kurt Zouma. From a business standpoint, we're looking to make a bit of profit, with just a few key sales offsetting any of the development and salary costs of the loan army. While 38 loanees (it says 37 in the video, but by our count and @chelseayouth's count, it's 38) may seem absurd, and it may even be absurd -- unless we're comparing to a few Serie A teams whose loan armies and half-owned players are sometimes closer to triple digits -- but Chelsea remain adamant that this is the way forward and it's something that other teams are looking to emulate.

In any case, this video is not Jake's work, but it illustrates many of the same concepts we've talked about for the last few years, and illustrates them very well. It's the work of Joe Devine, and you should probably follow him or his Podcast on Twitter.