Chelsea sign Palmer from Man City

Chelsea bought England Under-21 forward Cole Palmer from Manchester City for an initial fee of £40 million ($50 million) on Friday.

Palmer agreed to a seven-year contract with Chelsea, who have a 12-month extension option and could pay City an additional £2.5 million in add-on conditions.

The enormity of Chelsea’s offer eventually prompted City to cash in on a budding star looking for more frequent first-team opportunity.

The 21-year-old might make his Chelsea debut against Nottingham Forest at Stamford Bridge on Saturday.

“I’m really excited to get started, and it feels great to sign,” Palmer said.

“I’ve joined Chelsea because the project here sounds interesting and because the platform will allow me to showcase my skills.” It’s a youthful and eager team, and we’re hoping to do something exceptional here.”

Chelsea’s spending in the 16 months since Todd Boehly’s Clearlake Capital consortium bought the club has surpassed £1 billion.

He is Chelsea’s 12th signing since the end of last season, and his arrival comes after Blues manager Mauricio Pochettino revealed his desire to sign another forward.

“Cole arrives with the experience of winning the Premier League and the Champions League and adds further quality and versatility to our attacking unit,” Chelsea co-sporting directors Laurence Stewart and Paul Winstanley said.

“He has demonstrated his talent and potential in the most difficult environments, and he delivered for England at the European Under-21 Championships.”

“He is undeniably prepared for this next step, and we are thrilled that it will be with Chelsea.”

Palmer came through City’s youth system and helped the club win the FA Youth Cup in 2020, scoring in the final against Chelsea.

Palmer established himself as a fixture in Pep Guardiola’s City squad last season, making 25 appearances across all competitions as City won the Premier League, Champions League, and FA Cup.

Palmer also had success with his new Chelsea teammates Levi Colwill and Noni Madueke earlier this year when England won the Under-21 European Championship.

He has demonstrated his immense talent with goals in City’s UEFA Super Cup victory over Sevilla and Community Shield defeat to Arsenal this season.