Chelsea face the prospect of a major shake-up in their ownership. Reports claim Todd Boehly and Mark Walter are weighing up the sale of their stakes to Clearlake Capital, a move that would hand the firm full control of the club.
The alliance of Boehly, Walter and Hansjorg Wyss teamed up with Clearlake to buy Chelsea from Roman Abramovich in 2022. Clearlake stumped up 61.6% of the deal's value, while Boehly, Walter and Wyss held smaller stakes. Boehly kept the role of public face and chairman.
According to The Guardian, any potential deal could value Chelsea at around 5 billion pounds sterling.
Complete the sale, and Behdad Eghbali and Jose E. Feliciano, Clearlake's owners, would become the sole decision-makers at the club.
These developments follow years of tension between the shareholders, despite Boehly's public assurances that the partners shared a unified vision. Boehly and Eghbali have been the most hands-on with day-to-day decisions, while Walter and Wyss stayed well clear of the spotlight.
Boehly's spell as chairman is due to end when the current season closes, with a Clearlake representative lined up to take over should the deal go through.
Over the past four years, Chelsea have finished eighth on average in the Premier League. Their results have swung between fourth and twelfth, despite the huge spending on signings.
Boehly opened his tenure by wading straight into football matters, splashing around 250 million pounds sterling on experienced players including Raheem Sterling and Pierre-Emerick Aubameyang, before stepping back and handing Eghbali greater responsibility over the sporting side.
The club then switched to a very different policy: sign young players and tie them down to long contracts. It drew fierce criticism from fans, especially after a pre-tax loss of 262.4 million pounds sterling in the year ending June 2025, the largest in Premier League history.
Chelsea did qualify for the Champions League and lift the Club World Cup under Enzo Maresca. His sudden departure in January, though, saw the team slide to tenth.
A new chapter is now beginning under Xabi Alonso, built on a greater reliance on experienced players. The ownership remains up in the air, and a change could yet leave Clearlake as the sole party responsible for Chelsea's decisions and results.