Chelsea's academy has cost the club £62 million in signings - and without a single player to graduate to the first team, it has been revealed.

The News of the World says it is the story of Franco Di Santo, signed from Chilean team Audax for a mind-boggling £3m and then loaned to Blackburn.

Or of Slobodan Rajkovic, bought from OFK Belgrade two years ago for £3.8m and now on loan with Steve McClaren's FC Twente.

Some, such as Michael Woods and Tom Taiwo, were signed in a blaze of publicity, arriving from Leeds for combined fees of £4m.

Frank Arnesen - recently promoted to the role of sporting director - has squandered fortunes on transfer fees and payments to agents in search of a star.