Chelsea ownership is on the verge of a major change, with Todd Boehly and his business partners reportedly close to selling their combined 38.5 per cent stake in the Premier League club to Clearlake Capital.
The proposed transaction would give Clearlake almost complete control of Chelsea, increasing its existing 61.5 per cent holding to about 99.9 per cent. The deal, which is reportedly nearing completion, would mark the end of Boehly’s direct involvement in the club’s ownership just four years after the consortium he fronted completed the takeover.
Boehly acquired Chelsea alongside Clearlake co-founder Behdad Eghbali, Mark Walter and Hansjorg Wyss in 2022. The consortium paid £2.5 billion for the club and committed a further £1.75 billion to investment in the team and wider organisation.
Boehly, Walter and Wyss each hold roughly 12.83 per cent of Chelsea, giving them a combined stake of approximately 38.5 per cent. Under the terms agreed when the club was bought, members of the consortium were initially restricted from selling their shares outside the ownership group during the first 10 years.
That arrangement appears to have become increasingly difficult as tensions between Boehly and Eghbali grew. Discussions over one side buying out the other reportedly began in 2024, reflecting a widening divide between the two figures over the direction and operation of the club.
Boehly was initially one of the most visible figures associated with Chelsea’s new ownership. He also took on the role of interim sporting director following the takeover, placing him at the centre of several major decisions during the early stages of the new regime.
His presence around the club has since become less prominent, while Eghbali has taken a larger role in Chelsea’s day-to-day affairs. If the proposed transaction goes through, that shift in influence would become a formal change in ownership rather than simply a change in the way the club is run.
The value of the proposed sale has not been disclosed, but Walter’s spokesperson confirmed that the transaction would value his Chelsea stake at a premium to his original investment.
“This potential transaction values Mark Walter’s stake in Chelsea Football Club at a premium to his initial investment and is another successful sports investment for him,” the spokesperson said. Walter intends to continue making investments in professional sports after leaving the Chelsea ownership group.
The expected departure would also end Boehly’s involvement in Chelsea at a time when he remains active in American sports. He has interests in Major League Baseball’s Los Angeles Dodgers and, alongside Walter, owns a stake in the WNBA’s Los Angeles Sparks.
Boehly has nevertheless remained a familiar figure at Chelsea matches. He was present at the Emirates Stadium last week when Chelsea lost 2-1 to Arsenal, despite reports that his exit from the club is now close.
If the sale is completed, Chelsea would be left overwhelmingly under the control of Clearlake, led by Eghbali and business partner Jose E. Feliciano. The change would give the investment firm a level of control that was not envisaged publicly in quite the same way when the consortium took over from Roman Abramovich in 2022.
The proposed transaction also comes as Walter prepares to leave the group. He has reportedly been the subject of an investigation by the US Attorney’s Office over alleged financial misconduct. The information available does not indicate that the investigation has resulted in criminal charges or a finding of wrongdoing, and it should not be treated as such.
For Chelsea, the significance of the proposed deal goes beyond one shareholder leaving. The club’s ownership structure would be transformed, with the balance that existed between the consortium’s principal investors effectively disappearing and Clearlake becoming the overwhelmingly dominant owner.
The sale has not yet been formally completed, according to the reports surrounding the transaction. Until the deal is finalised, Boehly, Walter and Wyss remain shareholders. But if the agreement reaches completion, Chelsea will enter a new phase with Eghbali and Clearlake firmly at the centre of its ownership.
