Chelsea have lost six games in a row for the first time since 1993. Qualifying for the Champions League is now a near-impossible dream for a Chelsea side whose season is ending in disarray. Monday's 3-1 home defeat by Nottingham Forest leaves the managerless Blues ninth in the Premier League as their campaign continues to collapse.

Joao Pedro's stoppage-time overhead kick did save Chelsea the humiliation of losing six matches in a row without scoring for the first time in their history, but it was scant consolation. The defeat means the Blues have now lost six consecutive league games for the first time since November 1993 - and just the fourth time ever. It is just the second time they have lost four successive home matches, and the first time since 1978.

Large numbers of home fans piled out of Stamford Bridge long before the final whistle, while those who remained left the home side in no doubt about their anger with loud jeers. Chelsea, now led by interim boss Calum McFarlane after Liam Rosenior's dismissal, are an insurmountable 10 points behind fifth-placed Aston Villa - the last spot that guarantees Champions League football - with just three games left. Should Villa win the Europa League and finish fifth, a sixth-placed finish would be enough, but even Chelsea's four-point gap to that spot looks tough to bridge given their form.

Ex-Liverpool defender Jamie Carragher told Sky Sports: "It's shocking and it comes from the top, that's where it starts from. There were five or six really top players on that pitch today and they've been beaten by Nottingham Forest's B team. If you think less than 12 months ago [Chelsea] were taking PSG to the cleaners. There's no connection between the players and the staff, the players and the supporters. There's absolutely nothing there and it looks like a broken football club right now."

Former Chelsea goalkeeper Mark Schwarzer added on BBC Radio 5 Live: "Chelsea are running out of excuses now. Chelsea did not look like a side who have something so big [the FA Cup final] on the horizon and that is what is so disappointing. They were outfought and there was a lack of desire. The players have to start taking responsibility."

Qualifying for the Champions League was always the target for owners BlueCo this season, so how costly could missing out prove?

Chelsea are predicting revenues will increase to £700m in next year's accounts. However, forward Cole Palmer said in an interview this month that "everything changes" without Champions League football. Chelsea earned approximately £78.9m in prize money for reaching the last 16 of European club football's premier competition this season compared to about £15m for winning the Conference League in 2025. A conservative estimate would suggest those Champions League earnings rise beyond £100m when ticketing, hospitality, and sponsorship revenue are included.

Accounts from parent company 22 Holdco Limited show transfer activity is a major factor behind the substantial losses, and the success of the men's team is a "clear driver" of revenues - while Chelsea are reliant on owner funding and loans to subsidize the club, which has long-term implications.

Chelsea's situation is further complicated by Uefa sanctions stemming from breaching their football earnings and squad cost rules in 2023-24. The regulations stipulate Chelsea cannot record losses of more than £52.2m once certain Uefa allowances are applied when filing their accounts at the end of June. Any loss beyond that threshold would result in a fine of up to £17.4m, while losses exceeding £69.7m would trigger a one‑season ban from European competition, provided they qualify within three seasons following the breach. That pressure continues into the 2028-29 season, with Uefa constantly monitoring Chelsea's situation.

Chants of "we don't care about Clearlake, they don't care about us, all we care about is Chelsea FC" are increasingly becoming the anthem of a turbulent season. Not A Project CFC, a growing but still fringe protest group, are planning two further protests. The first will take place on the steps of Wembley Way before the FA Cup final against Manchester City. A second protest to take place inside Stamford Bridge, where fans are asked to turn their backs in the 22nd minute of the final home game vs Tottenham.

The £490.9m turnover last season was Chelsea's second highest on record but still lagged well behind their rivals in the so-called 'big six'. That gap needs to be bridged as debt grows within the parent company.

Inside Chelsea they say debt is part of a highly-structured investment approach, common in elite sport, and there is a long-term plan for sustainability. Still, Chelsea spent the most on agents' fees and the third most on both transfers and wages last season, despite a reduction in overall spending following the unprecedented outlay in the early BlueCo years. The cost remains evident through a league-high 'amortisation' bill - where they have spread transfer fees across the length of a contract up to five years - of more than £200m.

However, everything is threatened, even attracting a new high-profile manager, without Champions League football.