Chelsea's tumultuous ownership era could be entering a new chapter, with reports emerging that Todd Boehly and Mark Walter are open to selling their stakes in the club to fellow investor Clearlake Capital, in a deal that would value the west London club at approximately £5 billion.
The potential sale would mark a significant shift in the power structure that has governed Chelsea since the consortium's acquisition of the club in 2022, following Roman Abramovich's forced sale in the wake of Russia's invasion of Ukraine. Boehly, alongside Mark Walter and Swiss businessman Hansjörg Wyss, holds a 12.8% minority stake, while Clearlake Capital - led by Behdad Eghbali and José E Feliciano - controls the majority 61.6% share.
Since taking charge, Boehly and Eghbali have been the primary decision-makers at Chelsea, while Walter, Wyss, and Feliciano have largely remained behind the scenes. Despite occasional public assurances of unity, tensions between the co-owners have periodically surfaced. In a 2024 interview with Bloomberg discussing the club's long-delayed stadium redevelopment, Boehly acknowledged the potential for disagreement, stating: "We have to think long term about what we're trying to accomplish. 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."
The club's on-pitch results have been inconsistent under the new ownership. Chelsea has failed to finish in the top five of the Premier League in any of the four seasons since the takeover, averaging an eighth-place finish - a stark contrast to the six consecutive top-five finishes achieved under Abramovich. The club did enjoy a resurgence under manager Enzo Maresca, qualifying for the Champions League and winning the Club World Cup, though a mid-season managerial change in January disrupted momentum, causing the team to fall from Champions League contention to 10th place. Xabi Alonso has since taken the reins, implementing a strategy focused on more experienced players.
Financially, the club has faced scrutiny. Chelsea reported a Premier League record pre-tax loss of £262.4 million for the year ending June 2025. The club has managed to comply with Premier League financial regulations partly through the sale of its women's team to another entity within the ownership group, though this maneuver did not prevent a fine from UEFA for breaching financial fair play rules, as the governing body did not recognize the sale as legitimate income.
Adding a personal dimension to the ownership saga, Walter - a longtime friend and business partner of Boehly - is reportedly under investigation by the U.S. Department of Justice over alleged tax fraud. He is believed to be liquidating assets to address loans connected to the federal inquiry. Last week, Walter sold his stake in the Los Angeles Lakers to Josh Kushner and Bob Iger for $12.5 billion, fueling speculation that his Chelsea stake may be the next asset to go.
Should the sale proceed, it would align with the natural conclusion of Boehly's five-year term as Chelsea chairman at the end of this season, with a Clearlake representative reportedly poised to succeed him. Such a transition would leave Eghbali and Feliciano in full control of the club, removing the shared decision-making structure that has characterized Chelsea's ownership since 2022 - and with it, the ability to attribute the club's struggles to boardroom division.
As Chelsea navigates another period of transition on the pitch under Alonso, the potential restructuring at ownership level suggests the club's off-field drama is far from resolved, with the coming months likely to determine the future direction of one of English football's most scrutinized institutions.
Based on reporting from The Guardian.