Manchester City signed Enzo Fernandez from Chelsea on Wednesday’s transfer deadline day for a British-record-equalling £125m, with the Argentine World Cup winner agreeing a five-year deal at the Etihad. The fee matches the sum Liverpool paid Newcastle for Alexander Isak in the summer of 2025.

Chelsea paid £107m to sign Fernandez from Benfica three-and-a-half years ago, so the sale posts an £18m accounting profit. Paul Scholes, speaking on his podcast before the switch was agreed, had already argued that the sporting cost would be far bigger than that.

Scholes: this could ruin two Chelsea seasons

On The Good, The Bad & The Football, the podcast he co-hosts with Nicky Butt and Paddy McGuinness, the Manchester United great compared the situation to City’s pursuit of Enzo Maresca a year earlier.

“City, really, getting into Maresca, ruined Chelsea’s season last season because they were flying at the time,” Scholes said.

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“And if Enzo Fernandez goes to City now in these next 24 hours, City could ruin Chelsea’s season for the last two seasons.”

The Maresca reference points to a familiar route between the two clubs. The Italian left Stamford Bridge on 1 January 2026 and was later confirmed as Pep Guardiola’s successor at Manchester City on a three-year contract. Fernandez is now the second high-profile piece to move north.

Xabi Alonso loses his first-choice midfielder

The transfer lands Xabi Alonso an obvious problem in his opening weeks in charge. Chelsea appointed the Spaniard as head coach in May on a four-year deal, and Fernandez started as they beat Fulham 3-2 at Craven Cottage on 24 August and edged Brighton 4-3 at Stamford Bridge on 30 August. Two wins from two came with the midfielder still in place.

Carragher: City are now Arsenal’s biggest threat

Sky Sports pundit Jamie Carragher argued the deal reshapes the title race outright, pushing City ahead of Chelsea in his ranking of Arsenal’s challengers.

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“He certainly pushes Man City above Chelsea. Myself and plenty of others have felt Chelsea will have a really good season,” Carragher said.

“Man City look a lot stronger now. I would say they’re going to be the biggest challengers to Arsenal right now.”

Chelsea’s next Premier League fixture arrives after the September international break, the first test of Alonso’s midfield without Fernandez.

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