Chelsea completed their first signing under American ownership on Wednesday, acquiring Raheem Sterling from Manchester City in a deal reportedly worth £50 million.

The 27-year-old – who won four Premier League titles in seven seasons with City – joins the Blues on a five-year contract.

Chelsea co-owner Todd Boehly moved quickly for Sterling after replacing longtime executive Marina Granovskaia as interim sporting director. Boehly and his consortium – which includes, among others, Los Angeles Dodgers and Los Angeles Lakers co-owner Mark Walter – acquired the club from Russian oligarch Roman Abramovich in May for £4.25 billion.

Chelsea manager Thomas Tuchel now has an array of attacking talent at his disposal, including Armando Broja, Kai Havertz, Mason Mount, Christian Pulisic, Callum Hudson-Odoi, Timo Werner, and Hakim Ziyech.

“Sterling is a serial winner and his signing is an important step in strengthening our squad,” Boehly said in a statement. “We are delighted for Raheem to return to London with Chelsea, and we look forward to seeing his world-class talent on display at Stamford Bridge.”

Sterling moved to London with his mother when he was five and grew up near Wembley. Liverpool signed him from Queens Park Rangers in 2010. He made 129 appearances for the Reds before joining City in 2015 for a reported £44 million.

Pep Guardiola often exploited Sterling’s versatility at City. Though a left-winger by trade, the English international split time on the right flank and took turns as a false nine.

Despite playing a key role in previous title-winning campaigns, Sterling largely appeared as a substitute toward the end of the 2021-22 season. With just 12 months remaining on his contract, the attacker opted for a fresh start.

Sterling scored 131 goals in 339 matches for City, winning the league in 2018, 2019, 2021, and 2022. He also won the League Cup four times and FA Cup in 2019.

We are less than two months away from the UEFA Champions League kicking off group stage play.

While there’s some qualifying play to go through first, most of the teams – and all realistic contenders – have already booked their tickets.

Let’s dig into the odds.

Manchester City sit as the favorite to win their first-ever Champions League title. Despite their dominance in the Premier League and a never-ending supply of money, they just haven’t gotten over the hump on the biggest stage. Man City came close in 2020-21, falling 1-0 to Chelsea in the final. The market figures things will be different this time as Gabriel Jesus and Raheem Sterling have been replaced by a powerful, true striker in Erling Haaland. With the 21-year-old superstar spearheading a lethal attack and Kalvin Phillips improving an already strong midfield, Man City looks as potent as anyone.

Paris Saint-Germain had an up and down season in 2021-22. Although Kylian Mbappe was rumored to leave the club, PSG managed to keep the band together with Mbappe, Lionel Messi, and, when healthy, Neymar leading arguably the world’s best front three. The team is hoping a pair of notable transfers from Portugal – Nuno Mendes and Vitinha – will improve their depth and give the club some meaningful minutes.

Liverpool will be seeking a fourth Champions League final in six years. They’re retooling on the fly, so to speak, and are spending a pretty penny to bring in 23-year-old Darwin Nunez to infuse some more finishing, power, and youth into the front three. Outside of bringing in the Uruguayan forward to replace veteran Sadio Mane, who is off to Bayern Munich, Jurgen Klopp and Co. mostly made moves around the edges. They’ll be banking on their already established talent, experience, and cohesion to take them the distance again.

Rounding out the sub-+1000 teams are Bayern and Real Madrid. The former is going through a bit of a transition period. Bayern granted Robert Lewandowski the departure he was hoping for and made a big place for Mane to reshape their attack. They’ll be very good once again.

Real Madrid, last season’s Champions League winners, look poised to threaten again. The club didn’t get Mbappe, who was long rumored to be heading there, but they added more talent to an already great side. Madrid paid nearly $90 million for Aurelien Tchouameni and signed Antonio Rudiger from Chelsea on a free transfer to add to an already loaded backline.

There are plenty of interesting storylines and questions surrounding the next wave of teams. Can Thomas Tuchel maximize Sterling to help Chelsea get to the next level?

How will Barcelona, whose financial situation has long been a concern, respond following the hefty signings of Lewandowski and Raphinha?

Will Paul Pogba’s return and Federico Chiesa provide a spark for a Juventus team trying to re-establish itself as a powerhouse?

Can Ajax continue to make noise after manager Erik ten Hag’s departure? How will Borussia Dortmund get on without Haaland?

Who will be this year’s Cinderella team that reaches heights no one expects?

Those questions, and many more, will soon begin to be answered in what should be a thrilling season of Champions League action.

Todd Cordell is a sports betting writer at theScore. Be sure to follow him on Twitter @ToddCordell.