London, Sep 1: Chelsea's spending spree continued with the signing of forward Cole Palmer from Manchester City on Friday for a reported transfer fee of at least 40 million pounds ($50.7 million). The 21-year-old Palmer signed a seven-year contract at Stamford Bridge in a deal that could cost Chelsea another 2.5 million pounds in add-ons. Premier League Transfer News: Manchester United Sign Turkish Goalkeeper Altay Bayindir From Fenerbahce.

“I'm excited to get started and it feels great to sign,” Palmer said. “I've joined Chelsea because the project here sounds good and because of the platform I will have to try to showcase my talents.”

Palmer, who scored early season goals for City in the Community Shield and UEFA Super Cup, was in search of regular playing time. The move also improves City's position under financial fair play rules. He also helped England win the under-21 European Championship in July. Chelsea has spent in excess of $1 billion in the past 16 months under new American ownership.

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