Jose's happy with his squad, says Kenyon

But their summer spending will be dwarfed by the total of £75m paid by Manchester United when Carlos Tevez signs for them.

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If Chelsea are concerned by United's mammoth outlay, then chief executive Peter Kenyon was not letting on as he and owner Roman Abramovich unveiled a plaque marking the opening of the new facilities in Cobham yesterday.

Kenyon confirmed Abramovich's cash will be used to land Lyon winger Florent Malouda for £15m but the rest of Chelsea's recruitment, bar Malouda, totals just $1 — the cost of bringing Brazil defender Alex from PSV Eindhoven.

The other newcomers — Claudio Pizarro, Steve Sidwell and Tal Ben Haim — are free transfers. Not that there is a shortage of funds at Stamford Bridge, as Kenyon stressed after being asked if he was concerned by United's spending.

"I'm not worried about what they've spent but we are always looking at how they have strengthened versus how we have strengthened," conceded Kenyon, a former chief executive at Old Trafford.

"It is not just about money. We're happy where we are. We are going to spend on Malouda. If we felt there were other players who were right then there's money to spend on those, too.

"We believe that with our squad we are capable of competing in all four competitions. This is very much Jose Mourinho's wish in terms of what he wanted and the positions he was looking at. Jose's very happy with the squad."

Yet Kenyon insists there can be no repeat of last season's failure on the pitch and the bitter in-fighting off it.

The break has cooled tempers and manager Mourinho will be on the plane to Los Angeles for the start of their pre-season tour despite the speculation about his future.

Kenyon said: "Time always heals and Jose has had a good break. A long break has been good for absolutely everybody. I hope we don't repeat last year."

The demands on Mourinho remain as high as ever. Abramovich is determined to see a European return on his £350m investment because turning the club into one of global importance hinges on Champions League glory.

"In order for us to achieve our objective of being a global club you have to win the Champions League,' said Kenyon.

"I know everybody at Chelsea is absolutely intent on getting the Premier League back. But the Champions League is the holy grail that can move the club on. Everybody's view would be to regain the Premiership and reach the Champions League Final. That's the aspiration."

Included in the pursuit of those goals will be Frank Lampard, John Terry and Arjen Robben. Kenyon stressed the latter will not join Real Madrid although the trio are no closer to signing five-year deals.

Kenyon said: "Revenue from the sale of those players is not even factored into our thinking. We are not sitting here saying a player has got two years on his contract and if he doesn't sign we'll max it.

"They are committed to Chelsea and we're committed to them. We've had no offers and if we got them we would reject them."