01 September 2023 , 08:30
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Cole Palmer has completed a £42.5m move from Manchester City to Chelsea, signing a seven-year contract with the option of a further year.
It is a flat £40m fee up front with £2.45 in add-ons and, after an exhaustive window, it is expected to be Chelsea's last signing. Palmer was seen as one of City's best prospects but it is a huge fee for a player who has made just three starts in the Premier League.
The 21-year-old adds to Mauricio Pochettino's wealth of attacking options, with Chelsea ramping up their efforts to sign another forward after Christopher Nkunku suffered a serious knee injury in pre-season.
He was part of the England squad that won the under-21 Euros earlier this summer and made 25 appearances for City in last season's Treble-winning campaign. Palmer first joined City as a six-year-old and said of his departure: "I have had a fantastic time at Manchester City and I would like to thank everyone who’s been there for me and supported me during my time at the Club – players, coaches, staff.
"It doesn’t feel that long ago that I was Under-18 captain and I leave now having been involved in the Treble-winning squad and the UEFA Super Cup triumph too, incredible achievements I was so grateful to be a part of.
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"It’s been an amazing journey for me and I’ve enjoyed every single step. The next step is leaving the football club. I leave with many happy memories and wish everyone at City the very best for the future."
City's director of football Txiki Begiristain added: "Cole has come up through our Academy system and been a model professional throughout that time. We’ve enjoyed watching his development and I’d also like to pay tribute, as I am sure Cole would, to the coaches who’ve aided his progress through the years.
"Cole was a valuable member of the Treble-winning squad and we won’t forget the impact he made in our victory in the UEFA Super Cup success that followed. We wish Cole well for the future."
Palmer was under contract at City until 2026 and had made an impressive start to the season. He scored in both the Community Shield loss to Arsenal and UEFA Super Cup win over Sevilla, as well as making the bench in all three of City's Premier League games so far this season.
However, the £55m signing of Jeremy Doku from Rennes meant Palmer's hopes of more regular first-team football at the Etihad took a hit and he will now be plying his trade at Stamford Bridge this season. "I’m excited to get started and it feels great to sign," he said of his decision to move to Chelsea.
"I’ve joined Chelsea because the project here sounds good and because of the platform I will have to try to showcase my talents. It is a young and hungry squad and, hopefully, we can do something special here."
Co-sporting directors Laurence Stewart and Paul Winstanley added: "Cole arrives with experience of winning the Premier League and Champions League and adds further quality and versatility to our attacking unit.
"He has showcased his talent and potential in the most challenging environments and delivered on the international stage for England this summer at the European Under-21 Championships. He is undoubtedly ready for this next step and we are delighted it will be with Chelsea."