Todd Boehly, co-owner of Chelsea, and Mark Walter are open to selling their stakes to Clearlake Capital, a deal that would value the club at about £5bn and give Clearlake total control. The potential sale comes amid persistent boardroom tensions that have plagued the club since the 2022 takeover.
Ownership structure and early tensions
The current ownership structure was formed after Roman Abramovich was forced to sell Chelsea following Russia's invasion of Ukraine. Boehly became the public face of the winning bid, convincing Mark Walter and Hansjörg Wyss to join as 12.8% minority investors, while Clearlake Capital took a 61.6% stake, bringing Behdad Eghbali and José E Feliciano into the leadership. An agreement gave Boehly, representing Walter and Wyss, final signoff on major decisions alongside Eghbali and Feliciano.
However, the honeymoon period was short-lived. The club has finished outside the top five for four consecutive seasons, with an average league position of eighth, a high of fourth, and a low of 12th. Sources describe the relationship between Boehly and Eghbali as “professional,” but signs of strain have leaked into the public domain.
Public signs of discord and strategic shifts
In May 2024, Boehly told the Qatar Economic Forum that “patience” was essential, just six days before Mauricio Pochettino was dismissed after the co-sporting directors compiled an 18-page review of the season. In March, Boehly hinted at potential divergence in a Bloomberg interview: “We have a big stadium development opportunity that we have to flesh out. That’s going to be where we’re either aligned or we ultimately decide to go different ways.”
Initially, Boehly installed himself as sporting director and oversaw a £250m spending spree on experienced players like Raheem Sterling and Pierre-Emerick Aubameyang, but Chelsea finished 12th. He later stepped back, with Eghbali taking a more active role. About 70 interviews were conducted to build a new football structure, resulting in the appointments of Paul Winstanley and Laurence Stewart as co-sporting directors, and Joe Shields as co-director of recruitment.
Financial struggles and fan backlash
The club's spending has been unprecedented, with a pre-tax loss of £262.4m in the year ending June 2025, a Premier League record. They have complied with spending restrictions only by effectively selling the women's side to themselves, but could not avoid a significant fine for breaching Uefa's financial rules. Fans have expressed their frustration, with stickers mocking the owners and the Chelsea Supporters' Trust describing the club as “a laughing stock”.
Despite the turmoil, there have been signs of progress. Under Enzo Maresca, Chelsea qualified for the Champions League and won the Club World Cup, but last season was derailed by his abrupt departure in January, leading to a 10th-place finish. Now, Xabi Alonso is set to lead another reset with a strategy shift towards older, more experienced players.
Potential exit and full control for Clearlake
Both sides have explored buying each other out in recent years, but Boehly's and Walter's hands may be forced. Walter is under investigation by the US Department of Justice for alleged tax fraud and recently sold the Los Angeles Lakers for $12.5bn (£9.2bn). His Chelsea stake could be next. An exit would coincide with Boehly's five-year tenure as chair ending this season. If a sale is agreed, Eghbali and Feliciano will have full control – and no one else to blame if things don't improve.
