The Todd Boehly era at Chelsea is nearing its end, closing what is arguably one of the club’s most eventful ownership chapters in recent memory.
Chelsea could soon be under the complete control of Clearlake Capital, with Todd Boehly, Mark Walter and Hansjörg Wyss reportedly close to selling stakes in the Premier League club.
According to Bloomberg, talks have advanced in recent weeks and a deal would see Clearlake’s ownership rise from 61.5% to 99.9%.
Walter, Boehly and Wyss each hold around 12.8%, having joined Clearlake in the consortium that bought the London club from Roman Abramovich in 2022 for £2.5bn.
Under the original takeover agreement, members of the ownership group were prevented from selling to outside investors for 10 years, but were allowed to transfer shares to fellow consortium members. This provides Clearlake with a way to increase its control without waiting for the restriction to expire.
Bye, bye Boehly
A sale would draw the curtains on the Boehly era at Stamford Bridge, which has generated several headlines over the past few seasons.
The American businessman took on the role of chairman following the takeover and has been known for his hands-on approach, putting himself at the centre of several decisions that drew criticism.
One of the first big decisions was sacking manager Thomas Tuchel in September 2022, a year after leading Chelsea to a Champions League triumph. Reports suggested tensions between the pair had grown behind the scenes, with the dismissal setting the tone for a period of regular managerial change.
Last year, Boehly found himself under scrutiny away from the pitch because of his links to ticket resale platform Vivid Seats.
Chelsea supporters raised concerns after match tickets appeared on the site at inflated prices, with the Chelsea Supporters’ Trust describing Boehly’s involvement with the company as a potential conflict of interest and a breach of trust. The issue became sensitive because Vivid Seats wasn’t an authorised Chelsea ticketing partner, piling pressure on the club to explain the relationship to the Premier League and fans.
Boehly has also never been shy of suggesting changes to English football, with his proposal for a Premier League North vs South All Star game creating plenty of debate and ridicule on social media.
Boehly’s influence has reduced as Clearlake Capital and Behdad Eghbali have taken a more prominent role in making decisions and he was reportedly expected to leave the Chairman position at the end of the current season.
Clearlake closes in on full control
Walter’s potential exit is part of a wider transformation of his business interests, with his companies under scrutiny from US authorities and several of his sports investments also changing hands.
His Chelsea stake was first linked with a possible sale in August, but the latest reports suggest conversations have moved much closer to a conclusion. This would leave Clearlake Capital with almost complete control of Chelsea and remove the shared ownership structure.
Chelsea still faces several long-term decisions, including the future of Stamford Bridge, its commercial strategy and the development of BlueCo, the multi-club group that also owns Strasbourg.
Clearlake increasing its stake to 99.9% would leave Eghbali and Jose Feliciano with an uncontested position to spearhead the next phase of Chelsea’s development, with fewer competing voices around the table.
