Chelsea's chairman Todd Boehly and fellow investor Mark Walter are reportedly weighing up a sale of their shares in the club to majority owners Clearlake Capital, a move that would hand the private equity firm total control at Stamford Bridge.
Clearlake, whose investment is overseen by Behdad Eghbali and José E Feliciano, already holds more than 60% of Chelsea. However, under an unusual arrangement struck when the group purchased the club from Roman Abramovich for £2.3bn following his sanctioning by the UK government in 2022, operational control has been shared with a consortium fronted by Boehly. Along with Walter and Hansjörg Wyss, Boehly holds roughly 13% of the club through the Blueco 22 Holdings structure, giving that group a combined 38% stake.
For nearly two years, the two camps have reportedly been at odds, with talk surfacing that each side was attempting to buy out the other amid disagreements over the club's strategic direction—particularly plans for a new stadium. According to the Financial Times, negotiations have resumed in recent weeks, with any deal expected to value Chelsea at more than £5bn.
The renewed talks come as Walter looks to generate liquidity to settle obligations to insurers connected to a US Department of Justice investigation into $21bn in loans allegedly withheld from state regulators. That inquiry has already prompted Walter to offload other assets, including the Los Angeles Lakers, which he sold to Josh Kushner and Bob Iger for $12.5bn—just a year after acquiring the NBA franchise for $10bn. The sale has fueled speculation that the 66-year-old could similarly look to exit his Chelsea investment.
Boehly and Walter have a long history as business partners and friends, having jointly invested in the LA Dodgers and the LA Sparks. Under the terms of the original Chelsea takeover, none of the club's shareholders can sell to an outside party without approval from their fellow investors, making an external sale improbable. This effectively strengthens Clearlake's position to secure the full control it has long sought, though Boehly and Walter would likely seek a substantial premium above the £325m they initially invested four years ago.//It remains unclear whether Wyss, the Swiss billionaire who also holds a stake through Blueco, would be willing to sell his portion as well.
Should Boehly and Walter depart, Clearlake would control more than 86% of Chelsea, cementing its authority over major decisions including the club's stadium project, which the American firm is believed to favor building at the current Stamford Bridge site.
Walter has largely remained behind the scenes since the takeover, while Boehly emerged as the public face of the new ownership, even taking on the role of interim sporting director during the 2022 summer transfer window that brought in players like Raheem Sterling and Marc Cucurella. He stepped back from that direct involvement after a year, with Eghbali assuming greater influence on Clearlake's behalf—an influence that has grown since 2023 as the private equity firm took a more hands-on role in transfer business, even as several senior club executives departed during that period.
Some insiders have downplayed reports of a rift, pointing to public appearances of the two camps together, including at Chelsea's FA Cup final loss to Manchester City. Yet tension over stadium plans has persisted. Both sides are said to support relocating from the current site, but disagreements remain over the scope and design of the project—friction Boehly alluded to in a Bloomberg interview last March. "We have a big stadium development opportunity that we have to flesh out," he said. "That's going to be where we're either aligned or we ultimately decide to go different ways."
Boehly was already set to step down as chairman at season's end, with a Clearlake-appointed successor taking over for a five-year term under the original ownership agreement. Notably, this potential exit comes just as Chelsea have pivoted back toward Boehly's original transfer approach, bringing in experienced signings such as Danny Welbeck and Jordan Henderson this summer after years of Clearlake-driven investment in younger players with resale value.
Representatives for Chelsea, Boehly, Walter and Clearlake have declined to comment on the reports.
Based on reporting from The Guardian and BBC Sport.