Alonso retains £106.8m midfielder Fernandez as Chelsea eye Garnacho sale

Xabi Alonso has used his first pre-season in charge at Chelsea to outline his squad strategy, confirming Reece James will remain captain while addressing the futures of the club's most valuable transfer assets. The new manager, who arrived in May after leaving Real Madrid, is currently working with a depleted squad as several key players compete at the World Cup.

Central to Alonso’s plans is retaining Enzo Fernandez, the £106.8m British-record signing from Benfica. The 25-year-old Argentina midfielder, who recorded 10 Premier League goals and four assists last season, had been the subject of exit speculation before Real Madrid publicly denied their interest. "Enzo's a great player and we are looking forward to having him and start working together," Alonso said.

Conversely, Alonso confirmed Chelsea are open to selling winger Alejandro Garnacho for £50m, with Roma reportedly interested in the 22-year-old. "The situation is that we have spoken with the sporting directors and there is an interest for him from other clubs," Alonso said. "So let's see how this develops. But hopefully, it finishes in the best possible way for all parties."

Alonso moved to stabilise the dressing room by confirming James, 26, will keep the armband he was given in August 2023. "He has blue DNA, which is very important, and we transmit that to the whole team and new players. He's going to be the captain," Alonso said. Striker Nicolas Jackson will also join the pre-season tour of Asia after a loan spell at Bayern Munich.

While Alonso declined to make specific predictions about his debut season, he set a baseline expectation of European qualification—a target carrying significant financial weight given the revenue tied to continental competition. "For sure that's a goal," he said. "But to reach that goal, you need to do many right things and to be part of that process, how do we want to play, how we want to see ourselves, how we want to approach a game wherever we go."

The contrasting approaches to Fernandez and Garnacho illustrate the tightrope Chelsea must walk under financial sustainability rules. Holding a high-value asset like Fernandez while cashing out on a peripheral squad player balances competitive ambition with prudent financial management. "We are ambitious and we in Chelsea need to share that energy, that ambition, as well as that hunger to want to have success," Alonso added.