Chelsea have rewarded Cole Palmer with a new contract after an incredible 2023/24 season – but fans can’t believe the key detail of the deal.
Last season, Palmer scored 22 goals and recorded 11 assists, helping the Blues secure a spot in European competition for the upcoming season. After transferring from Manchester City for about £40 million last August, the 22-year-old proved to be Chelsea’s standout player throughout the season and earned a spot in Gareth Southgate’s England squad.
Palmer delivered several impressive performances as a substitute in Germany and scored in the final, where England was defeated 2-1 by Spain.
The Blues have now given Palmer a remarkable nine-year contract to secure his future at Stamford Bridge. Initially, he signed an eight-year deal last summer, but Chelsea has extended it by two more years and offered him a well-deserved pay raise, according to Fabrizio Romano.
The contract is thought to be the longest ever in English football history. The new Chelsea ownership has been known for offering extended deals to new players partly to navigate Premier League financial regulations. Football finance expert Kieran Maguire explained that the extended deal for Palmer allows for player amortisation—how much a club pays annually for a player over the duration of their contract—to be recorded in Chelsea’s accounts at a reduced amount.
The new deal concludes a successful 24 hours for Palmer, who was named to the six-player shortlist for the men’s PFA Player of the Year award.
Palmer will compete against Erling Haaland, Martin Ødegaard, Rodri, Phil Foden, and Ollie Watkins for the main PFA Player of the Year award, with the ceremony scheduled for Tuesday, August 20. Additionally, he is a contender for the PFA Young Player of the Year award, where he faces competition from Bukayo Saka, Michael Olise, Alejandro Garnacho, Kobbie Mainoo, and João Pedro.
