Cole Palmer has joined Chelsea from Manchester City in a deal worth up to £42.5million.
The Blues will pay an initial £40m with the rest made up of add-ons.
City initially valued their academy talent at £50m, but reached a compromise for Palmer with a £40m fee and a further £2.5m due in add-ons.
The deal for the midfielder takes Chelsea’s spending since Todd Boehly took over the club last year to £1bn.
Chelsea’s spending under Todd Boehly:
Moises Caciedo £115m
Enzo Fernandez £106.7m
Mykhailo Mudryk £88m
Wesley Fofana £73m
Marc Cucurella £62m
Romeo Lavia £58m
Christopher Nkunku £53m
Raheem Sterling £47.5m
Cole Palmer £42.5m
Axel Disasi £38m
Benoit Badiashille £35m
Kalidou Koulibaly £34m
Nicolas Jackson £32m
Noni Madueke £29m
Malo Gutso £26m
Robert Sanchez £25m
Lesley Ugochukwu £23.8m
Carney Chukwuemeka £20m
Andrey Santos £18m
Deivid Washington £17m
Pierre Emerick-Aubameyang £12m
Joao Felix £9.7m (loan fee)
Gabriel Slonina £9m
David Fofana £8m
Jimmy-Jay Morgan £3m
Denis Zakaria £3m (loan fee)