On the face of it, Chelsea are thriving in fourth in the Premier League and Enzo Maresca's side are on track to record their best season since Todd Boehly and Clearlake Capital’s takeover nearly three years ago. Behind the scenes, however, uncertainty reigns amongst the hierarchy at Stamford Bridge. American billionaire Boehly, who headed the BlueCo consortium to purchase the club in a £4.25billion deal in May 2022, butted heads with his co-controlling owners Behdad Eghbali and Jose E. Feliciano which almost led to an irreparable civil war last year. And this week, the suggested there was some residual friction.
It was widely accepted that their inability to buy out the other party amicably would force them to sell up or find a peaceful resolution to remain at the helm – they chose the latter. Still, another power struggle is due to arise in the future, with a lack of aligment on key policies in terms of how to take the club forward, and it remains possible that one of the two major stakeholders in the consortium could depart. That may have major ramifications on the immediate future of Chelsea, as well as affecting Cole Palmer, their plans for a new stadium and spending on transfers.
Cole Palmer sold
Chelsea have spent more £1.3bn across five transfer windows on players, yet none have been more effective than Cole Palmer. Signed in a deadine-day £42m deal from Manchester City in 2023, the 22-year-old has scored 36 goals in 61 Premier League appearances – 22 of which came last season. The playmaker is their prized asset and easily worth three times what they paid, if not more. Real Madrid, Bayern Munich and Barcelona are keeping a watchful eye on the England international in the event that the west London outfit fail to qualify for next season’s Champions League. Rumours suggesting Palmer can leave for £60m due to a clause written into his contract, which expires in 2033, are wide of the mark.
But there’s no denying Palmer is a player that deserves to play at the very highest level – that’s the Champions League, Premier League, World Cup and European Championships. If Chelsea can’t offer guarantee he will be playing Europe’s premier club competition on a regular basis, other clubs will. What’s more of a concern is that the extravagant spending means finishing in the top four is almost a requirement to ensure their top players aren’t put up for sale. If Boehly and Clearlake drop out, the party that remains may need to sell to keep their head above water.
New stadium plans axed
Boehly has voiced his intentions to redevelop the stadium at Stamford Bridge, which is ultimately what the fans want. The provisional plans proposed adding 18,000 to the current capacity, taking the total up to 60,000. A redevelopment site at Earls Court - only a few stops on the District Line away from Chelsea’s current home - has also been offered as a potential option. The 51-year-old has conceded that disagreements over which direction they should move in could result in them “going different ways”. If that happens, the stadium plans will almost certainly be shelved.
Worse yet, another investor could have alternative plans to take the Blues away from west London - leading to a different kind of war with the Chelsea Pitch Owners’ (CPO), who own the freehold of Stamford Bridge. Currently, Chelsea are missing out on millions in matchday revenue from having a much smaller stadium than their rivals such as Arsenal and Tottenham. The longer that the debate drags on, the longer it will take for the stadium plans to be approved.
Boehly vs Clearlake and who might sell up
However, Boehly has attacked the media over 'unrealistic' reports that he is looking to sell the club. He has previously mentioned his vision of a '20 to 30-year plan' for Chelsea under his stewardship, proving he is in it for the long haul. He also invested money from his own personal fortune to buy his shares. That suggests he could be a more stable choice for Chelsea in the future compared to Clearlake, who are only committed to staying with Chelsea until 2032.
The manner in which Eghbali has treated the market since assuming operating control suggests he sees the Blues as a facilitator for buying young talent and selling them on at a premium. That hasn’t gone down well with the fanbase, who have grown accustomed to winning trophies over the past 20 years or so. But the crucial date will arrive in 2027. As part of an extraordinary agreement between the club’s American co-owners, the chairmanship will pass amongst themselves every five years. The intention is to do just that when the opportunity arises at the end of the 2026-27 season, with Boehly stepping down from his role as chairman.
Of course, if Clearlake were to sell up before then, the agreement could be null and void - allowing Boehly to continue. One way or another, a change of hands looks inevitable - potentially creating more instability for a club that has endured a turbulent 32-month term under Clearlake.