Premier League Club Wolverhampton Wanderers have made a new record sale for a player after finalizing the deal that will see Portuguese forward Pedro Neto move to London club side Chelsea Football Club.

Wolves’s previous record sale was £47m they got from Saudi Arabia’s Al-Hilal in 2023 for Ruben Neves while Neto leaves the Molineux Stadium 5 years after arriving from Italian clubside Lazio. Neto only managed 14 goals in 135 appearances in the West Midlands.

Chelsea finalized the deal on Friday with a £54m price (an initial £51.3m, with a further £2.6m in add-ons), and a seven-year deal for the 24-year-old after Wolves initially rejected two previous bids from the Blues.

Neto was then unveiled on Sunday to fans at Stamford Bridge before the pre-season friendly against Inter Milan, which ended 1-1. The ten-cap Portuguese international said he was looking forward to getting started for Enzo Maresca’s side.

“I feel really grateful to have joined this club. I have worked really hard in my career to be here, and I’m looking forward to getting on the pitch with this shirt.” said Neto.

With Neto’s signing, Chelsea’s summer spending is now around £185m after bringing in midfielders Kiernan Dewsbury-Hall, Renato Veiga, and Omari Kellyman, goalkeeper Filip Jorgensen, defenders Tosin Adarabioyo, Aaron Anselmino and Caleb Wiley, winger Estevao Willian and striker Marc Guiu.

The London club are still hoping to sign Atletico Madrid forward Samu Omorodion and Genk goalkeeper Mike Penders in the summer transfer window. 

Chelsea will start the new season against Manchester City next week in their first Premier League fixture for the 2024/2025 season. Manchester City defeated Manchester United on penalties in the Community Shield on Saturday after a 1-1 draw.

Enzo Maresca replaced Mauricio Pochettino after the end of the 2023/2024 season where Chelsea finished high enough to get a UEFA Conference League spot. The Blues will now face the loser of the Servette v Braga playoffs game.