Cole Palmer, a forward for the England Under-21 team, was acquired by Chelsea on Friday in a transaction worth an initial £40 million ($50 million).
Palmer signed a seven-year contract with Chelsea, who may pay City a further £2.5 million in add-on clauses and have a club option to extend it by another 12 months.
The enormity of Chelsea’s bid ultimately convinced City to sell Palmer, who was a developing star eager for more frequent first-team appearances despite their initial desire to keep him.
The 21-year-old might make his Chelsea debut against Nottingham Forest on Saturday at Stamford Bridge in the Premier League.
Palmer declared, “I can’t wait to start, and signing feels wonderful.
“I joined Chelsea because the project sounded interesting here and because of the opportunity it will provide me to attempt to show off my skills on this platform. The team is young and eager, so perhaps we can do something remarkable.
With Palmer’s transfer to the Bridge, Chelsea has spent more than £1 billion in the 16 months since Todd Boehly’s Clearlake Capital partnership acquired the club.
He is the 12th player that Chelsea has added since the end of the last campaign, and his hiring comes after Blues manager Mauricio Pochettino expressed a desire to add another attacker.
“Cole adds further quality and versatility to our attacking unit,” Chelsea co-sporting directors Laurence Stewart and Paul Winstanley stated. “Cole arrives with the experience of winning the Premier League and Champions League.”
“He has performed admirably for England in the European Under-21 Championships, showcasing his talent and promise in the most trying circumstances.
He is unquestionably prepared for this next stage, and we are thrilled that it will involve Chelsea.
After completing City’s academy, Palmer scored in the FA Youth Cup final against Chelsea to help City win the competition.
Palmer became a regular for City last season, making 25 appearances across all competitions as Pep Guardiola’s team captured the Premier League, Champions League, and FA Cup.
Along with his new Chelsea teammates Levi Colwill and Noni Madueke, Palmer experienced triumph when England won the Under-21 European Championship earlier this year.
With goals in City’s UEFA Super Cup triumph over Sevilla and their Community Shield loss to Arsenal this season, he has demonstrated his immense potential.
