Photo by Ryan Pierse/Getty Images
Photo by Ryan Pierse/Getty Images
It is four years since BlueCo took over from Roman Abramovich in 2022. But the BlueCo group, made up of Clearlake and other investors like Todd Boehly, could soon disband.
Mark Walter has decided to sell some of his business empire as investigators look into the payments he has made across the pond. With money owed to insurance companies, he’s selling shares to pay off loans.
Todd Boehly and Mark Walter graphic
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Todd Boehly has long been linked with selling his share, too. Earlier this week, it emerged that Walter and Boehly – who were partners at Guggenheim – are both looking to sell their 12.7% stakes in Chelsea.
Clearlake, fronted by Behdad Eghbali, are likely to buy those two out, taking their stake to around 87%. Hansjorg Wyss owns the remaining shares in Chelsea, and it remains unclear what he is planning to do.
Christian Purslow believes Xabi Alonso is key to Chelsea’s worth
With Clearlake expected to take near full control, possibly 100% of the club if Wyss also decides to cash in on his stake after Boehly and Walter depart, it will be interesting to see how Clearlake moves forward.
On The Football Boardroom podcast, Chelsea’s former head of global commercial activities discussed whether Clearlake could make a profit on their investment if they decided to sell. He says Alonso is key.
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Henry Winter asked: “So, the key person [for Clearlake to sell Chelsea at a profit] is now Alonso?” Purslow replied: “He is. I’m really glad we’re ending there. It’s the good, the bad and the ugly,” Purslow claimed.
“The bad and the ugly – it’s a tough old business. The plan, the stadium project – it looks pretty ugly. The good can be Alonso. It needs to be. Not quite last-chance saloon [for BlueCo and Clearlake’s ownership].
“Nine managers in four years is a lot. They’ve gone from big beasts to unproven guys like Rosenior; now something in the middle. One of the world’s finest players in the last 20 years, a title-winning manager.
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“Somewhere between and proven and up-and-coming, gets himself a title of manager, much more hands-on in determining who they buy, lead role in signing Welbeck and Henderson,” Purslow added.
“They don’t have the disadvantages of playing in Europe. It needs to work because if it doesn’t go well, the owners will be looking in the mirror and thinking, what are we getting wrong; it looks set for Alonso.”
Clearlake’s overall profit may hinge on Boehly and Walter stakes
When the BlueCo consortium – Clearlake, Boehly, Walter and Wyss – took over Chelsea, it cost £2.5bn. But £150m of that was earmarked for upcoming fines after Boehly’s background check found broken rules.
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If Clearlake are to make a profit in the long-term, they will need to purchase the stakes from Boehly and Walter at a fair rate. They will also need to rely on Alonso returning Chelsea to the Champions League.
Failure to do so, and Chelsea’s value not only sits at its current state – but without a new stadium in the immediate future – it may start to decline. Purslow is right, Alonso is key to making Clearlake a profit.