Chelsea's transfer business under Todd Boehly has officially reached £1 billion

Chelsea's transfer business under the ownership of Todd Boehly and his consortium has officially reached £1 billion following the arrival of Cole Palmer.

On the final day of the summer transfer window, England U21 international Palmer completed his much-anticipated £40 million move from Manchester City to Chelsea.

The 21-year-old forward, who made 25 appearances across all competitions for City last season, will join up with Mauricio Pochettino’s squad ahead of their Premier League clash against Nottingham Forest on Saturday,

"I’m excited to get started and it feels great to sign,’ said Palmer after signing a seven-year contract.

"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."

Chelsea have been extremely active in this summer's transfer window.

Moises Caicedo joined the ranks at Stamford Bridge from Brighton for a British record £115 million, while Romeo Lavia, Axel Disasi, Christopher Nkunku and Lesley Ugochukwu arrived for hefty fees.

The Blues also made a number of attacking additions to their squad, including Nicolas Jackson from Villarreal for a reported £31.8 million.

And with the recent addition of Palmer, Chelsea's overall spending under Todd Boehly and co. has officially hit £1 billion, as seen in the below graphic.

Chelsea manager Mauricio Pochettino was asked about Chelsea surpassing the £1 billion mark under Boehly in his press conference ahead of Saturday's clash against Nottingham Forest.

"You can talk about being surprised about that or not. We need to evolve. Football today is different, we manage different numbers," he said.

"20 years ago, nobody believes this is going to happen. Today, I think it is normal this kind of money moving around, it is big business and we cannot stop. We all get the benefit. We are living on what this business produces.

"I am not here to give a lesson to anyone. It's about balance. Chelsea is spending money but selling players. Always in that case people arrive in a club, in the Premier League like our owners. It is normal.

"They want to develop the project and we are going to help them because we are professional in football giving our vision and advice."

It may not be the end of their spending in this window either with reports suggesting they have lodged a bid for Norwegian starlet Antonio Nusa.