September 11: Chelsea’s ownership structure is undergoing a major reshuffle, with Clearlake Capital close to deals to buy the stakes of Todd Boehly and Mark Walter in deals that value the club at around £5bn.
Clearlake already owns 61.5% of Chelsea and is now in advanced talks over the 12.8% stakes held separately by Boehly and Walter.
The discussions aren’t exactly new — the possibility of a buyout came up over the summer — but Bloomberg reports that negotiations have advanced significantly over the past week or so.
Walter’s camp has gone further in confirming the situation. A spokesman said a potential sale was imminent and would value its stake “at a premium to its initial investment”, while stressing that Walter had not initiated the process and intended to continue investing in sports elsewhere.
Boehly is also expected to sell, though neither he nor Clearlake have publicly confirmed a deal.
Chelsea were bought from Roman Abramovich for £2.5bn in 2022, with the new ownership group pledging to invest £1.75bn in the club. Four years later, the latest talks put the club’s value at roughly double the original purchase price.
At £5bn, a 12.8% stake would be worth around £640m on paper, although no sale price has been disclosed.
The move would also simplify an ownership structure that seemed more awkward with each passing season.
Although Clearlake held a clear majority, the 2022 deal handed over joint governance rights to the Clearlake and Boehly group. Since then, Behdad Eghbali has become the dominant figure in Chelsea’s day-to-day life, while Boehly has remained influential in major decisions.
Once ubiquitous at Chelsea games at Stamford Bridge, Boehly has scaled back his involvement in front of the crowd.
By 2024, relations between Boehly and Eghbali had deteriorated to the point where the two sides explored buying each other.
Stamford Bridge has been one of the highlights. Chelsea still need a long-term solution for the 40,000-seat stadium, which limits matchday revenue to a figure below that of their Premier League rivals, but there has been disagreement over whether to rebuild the existing venue or move elsewhere.
A simpler ownership structure would remove at least one hurdle before what is likely to be a hugely expensive decision. Hansjörg Wyss also owns around 12.8% of Chelsea, but there is no confirmation that Clearlake will buy his stake.
Contact the writer of this story, Harry Ewing, at (email protected)