Joe Cole has ripped into Chelsea owners BlueCo for “wasting money” on “assets” as the Blues fail to “compete” at the highest level and face the departures of “frustrated” players like Cole Palmer.

Chelsea have spent ￡1.5bn on new signings in under four years of BlueCo ownership at Stamford Bridge and after looking as though they might be getting somewhere under Enzo Maresca, who led them back into the Champions League and won two major(ish) trophies last season, the Italian became the fourth manager to be sacked in Todd Boehly and Behdad Eghbali’s time at the club.

The inexperienced Liam Rosenior was drafted in and is already under pressureafter winning just one of their last six Premier League games, losing in the Carabao Cup to Arsenal and being mercilessly dumped out of the Champions League by Paris Saint-Germain.

READ MORE: Ranking 24 BlueCo mistakes at Chelsea as Rosenior appointment joins three sackings

But Cole has aimed his criticism at the Chelsea owners rather than Rosenior or any of his predecessors.

“You can say what you like about the Roman Abramovich era but it was built with one thing in mind and that was to win trophies,” Cole said on The Dressing Room podcast.

“It was pitch from the football pitch outwards. Under Roman Chelsea wanted the best managers we could get and the best players we could get. The idea was to try and win every game and win every trophy.

“When that didn’t happen we’re going to change the manager, which can be chaotic, and we’re going to change players. We’re selling them if we have to.

“You all knew what was going on, right? Now the new ownership group has come in and they spent a lot of money initially, wasted a lot of money, in my opinion, on not getting the right players in through the door.”

“Over ￡1billion has been spent on the premise that these lads will develop and become players, and some of them will become great players.

“But the Chelsea fans are upset because they don’t feel like they’re competing, and they’re not really.

“You’re not buying players to win games of football, you’re buying players as an asset and I don’t think that ever works.

“You’re running the club like a business and the fans know when they’re being lied to, they know when they’re effectively being duped.

“Do you know what I mean? If the owners come out and say we’re going to buy younger players and balance the books and if it [success] happens it happens.

“The fans won’t like it, but at least it’s honest. But Chelsea are not trying to compete with Manchester City and Arsenal, because you can’t. How can they compete with these signings? They can’t. Man City and Arsenal are streets ahead at the moment.”

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Enzo Fernandez has already opened the door to a summer transfer amid interest from Real Madrid and Cole doesn’t blame Chelsea stars for seeking an exit as Manchester United circle around talisman Cole Palmer.

Cole added: “They’re frustrated. And you get into that position now, where the best players are going to start going…

“If you’re Cole Palmer you’re thinking, I could go and play anywhere in the world. Like, what’s happening here? Do you know what I mean?”