September 11 – Chelsea’s ownership structure is undergoing a major reshuffle, with Clearlake Capital nearing deals to buy the stakes held by Todd Boehly and Mark Walter in transactions valuing the club at around £5 billion.
Clearlake already owns 61.5% of Chelsea and is now in advanced talks over the 12.8% holdings held separately by Boehly and Walter.
The discussions are not entirely new – the possibility of a buyout surfaced during the summer – but Bloomberg reports that negotiations have moved forward significantly in the last week or so.
Walter’s camp has gone furthest in confirming the situation. A spokesperson said a potential sale was close and would value his stake “at a premium to his initial investment”, while stressing that Walter had not initiated the process and intends to continue investing in sport elsewhere.
Boehly is also expected to sell, although neither he nor Clearlake has publicly confirmed an agreement.
Chelsea were bought from Roman Abramovich for £2.5 billion in 2022, alongside a commitment from the new ownership group to invest another £1.75 billion into the club. Four years later, the latest talks put the value of the club at roughly double that original purchase price.
At £5 billion, a 12.8% stake would be worth around £640 million on paper, although no sale price has been disclosed.
The move would also simplify an ownership structure which has looked more uncomfortable with each passing season.
Despite Clearlake owning a clear majority, the 2022 agreement handed joint governance rights to Clearlake and Boehly’s group. Behdad Eghbali has since become the dominant figure in Chelsea’s day-to-day running, while Boehly has retained influence over the major decisions.
Once omnipresent in Chelsea’s matches at Stamford Bridge, Boehly has scaled back his public-facing involvement.
By 2024, relations between Boehly and Eghbali had deteriorated to the point where the two sides explored buying each other out.
Stamford Bridge has been one of the biggest sticking points. Chelsea still need a long-term solution to the 40,000-seater stadium, which caps matchday revenue at a figure below their Premier League rivals – but there has been disagreement over whether to redevelop the existing site or pursue a move elsewhere.
A more straightforward ownership structure would at least remove one obstacle before what is likely to be an enormously expensive decision. Hansjörg Wyss also holds around 12.8% of Chelsea, but there is no confirmation that Clearlake is buying his stake.
Contact the writer of this story, Harry Ewing, at harry.ewing@insideworldfootball.com