More than two years have passed since Rio Ngumoha chose to leave Chelsea for Liverpool, but the frustration remains at Stamford Bridge. The pain of losing a player of Ngumoha’s potential does not pass quickly, especially as the winger was part of Chelsea’s academy system for eight years. It must sting to see a London boy, one of their own, now delighting the Anfield crowd.

For many at Chelsea, the anger at Ngumoha’s departure in 2024 will probably never subside. Or, at least, it will not subside while he continues to develop so thrillingly at Liverpool. Such was Chelsea’s annoyance at the time of his exit, Telegraph Sport reported last year, Liverpool’s scouts were subsequently banned from attending matches at their academy centre.

A tribunal eventually ruled that Liverpool must pay at least £2.8m (potentially rising to £6.8m) to Chelsea for Ngumoha. Chelsea will also be owed 20 per cent of the profit if Ngumoha is sold to another club. That represents some small consolation to Chelsea, and is an acknowledgement of their crucial role in developing the player, but the Londoners must still accept they were not blameless in the situation that led to his exit.

Why did Ngumoha choose Liverpool over Chelsea, the club he faces in the Carabao Cup on Wednesday night? At the most basic level, he made the decision to leave because he believed the pathway to first-team football was more straightforward at Anfield. Liverpool had been able to demonstrate their commitment to young players: a few months earlier, a team packed with academy graduates had beaten Chelsea in the Carabao Cup final.

But this was not simply a case of Liverpool attracting Ngumoha. At the same time as Liverpool were making their interest clear, Chelsea were inadvertently driving him away. It is understood that interested clubs were made aware of frustrations within Ngumoha’s camp that Chelsea were prioritising incoming players rather than the homegrown talents they already had in the academy.

All of which brings us to the strange case of Kendry Páez. The two players are not directly linked, but Páez, then an Ecuadorian wonderkid, was one of the young players brought in by Chelsea around the time that Ngumoha’s future became increasingly uncertain. Chelsea spent about £17m on signing Páez from Independiente del Valle in 2023, making a significant financial commitment to the player. Páez was 16 at the time and would formally join Chelsea when he turned 18 two years later.

Like Ngumoha, Páez is an attacking player. Like Ngumoha, he had long been regarded as one of the most exciting young talents in football. In an ideal world, Ngumoha and Páez would have burst into the Chelsea senior squad at the same time – two precocious teenagers ready to take on the world.

Sadly for Chelsea, though, this is not an ideal world. Not only has the move for Páez potentially contributed to Ngumoha’s decision to leave London, it has also not progressed as either club or player would have hoped. Páez, who made his international debut three years ago, is playing for the academy team after two unsuccessful loans. “He is not part of the plans,” said Xabi Alonso, the manager, rather bluntly, when asked about Páez in September.

Two teenage talents, and two very different paths. Páez still has plenty of time to prove his worth, but it is not going as he or Chelsea expected when they brought him to Stamford Bridge after hijacking Borussia Dortmund’s deal for the player. As Páez plods along in youth-team football, the younger Ngumoha is now playing regularly in the Premier League, starring in the Champions League and representing the England senior team.

The trajectory for Ngumoha seems clear, provided he maintains his fitness and focus. This is a player who is unquestionably on the rise. His representatives are in conversation about a new deal with Liverpool (his contract expires in 2028) that will reflect his status as one of Europe’s best young players.

We can be certain that other top clubs will be monitoring those negotiations. Bayern Munich have previously made attempts to sign him and were, Telegraph Sport understands, willing to offer about £60m before Liverpool made it clear he was not for sale.

The queue for Páez is not so long. Previous loan moves have gone badly: a deal with sister club Strasbourg was cut short after Liam Rosenior, then manager, said he “expects more, clearly” and a loan to River Plate was terminated because of a lack of game time.

Páez is undoubtedly a serious talent and has plenty of time to prove himself in Europe, but those who know his situation fear he is not surrounded by the best influences. In 2024, for example, a group of senior members of the Ecuador squad took him to a strip club in New York. He was 16.

Nobody could claim that Ngumoha would not have been given opportunities at Chelsea. Academy graduate Josh Acheampong, 20, is becoming an important player under Alonso. Mahdi Nicoll-Jazuli, 16, made his Premier League debut a few weeks ago. Reggie Watson, another 16-year-old, has impressed in recent months. Chelsea’s reputation for producing excellent footballers remains undimmed.

It is perhaps a cautionary tale, though, that the club’s obsession with player trading contributed to the painful loss of Ngumoha, probably the brightest of all these talents. It is all well and good pursuing the next big thing, such as Páez or Estêvão Willian, (another expensive teenage addition), but Ngumoha’s departure was a reminder to all clubs to never take for granted what they already have at home.