Carragher believes that Chelsea has not made significant progress in the three-and-a-half years since their ownership change.
He suggests that the lack of success can be attributed to the way the club is being run, rather than any one particular approach or strategy.
Carragher points out that when Chelsea's previous manager, Thomas Tuchel, took over, the team was already a top contender in the Premier League, finishing third behind Manchester City and Liverpool.
Since then, the club has changed managers and invested heavily, spending over £2 billion on new players and staff.
Carragher argues that despite this investment, Chelsea is now further away from competing with the top teams in the Premier League than it was before these changes.