September 17 – Clearlake Capital has taken full control of Chelsea after agreeing to buy out Todd Boehly and Mark Walter, drawing a line under an ownership structure which had become too difficult to juggle.
The deal – worth around £950 million for the pair’s combined 25% holding – values Chelsea at approximately £5 billion including debt, according to the Financial Times.
Boehly will also step down as chairman, four years after becoming the public face of the consortium which bought Chelsea from Roman Abramovich for £2.5 billion in 2022.
Clearlake already owned 61.5% of the club but shared control with Boehly under an unusual governance arrangement agreed at the time of the takeover. That balance has now gone.
Hansjörg Wyss will stay an investor, so Clearlake is not buying 100% of Chelsea’s equity. The important change is control: the private equity group, led by Behdad Eghbali and José Feliciano, will now have the final say over the direction of the club, which has been zigzagging since the 2022 takeover.
The club said there would be no immediate changes to day-to-day operations, leadership or strategy.
The deal also ends a relationship which had become increasingly strained. By 2024, Clearlake and Boehly were exploring ways to buy each other out after disagreements over the club’s direction, with the future of Stamford Bridge one of the biggest issues between them.
That stadium question is still hanging over Chelsea, who are some way behind their Premier League rivals for matchday capacity and revenue, while the options of rebuilding Stamford Bridge or moving elsewhere both come with enormous cost and planning complications.
Removing the split at ownership level should at least make that decision easier to take.
Boehly said: “It has been an honour to serve as chairman of Chelsea Football Club. I would like to thank the many who helped secure a bright future for the club, including the English Premier League, the coaches and players, the talented leadership and staff at Chelsea, and the legions of dedicated fans.
“I have valued my partnership with Clearlake and the wider ownership group, and the collective decisions and investment we have made to support the immediate and long-term success of the club. I am confident that Chelsea is well positioned for continued success under Clearlake’s leadership.”
Chelsea changed hands for £2.5 billion four years ago, with another £1.75 billion committed for investment in the club. The latest transaction values the business at around twice that original purchase price, although significant additional capital has been put in since – particularly via the transfer market.
Contact the writer of this story, Harry Ewing, at harry.ewing@insideworldfootball.com