Chelsea’s co-owners are considering buying each other out as tensions rise at the board level.
Chairman Todd Boehly and majority owners Clearlake Capital are both interested in gaining full control of the club.
Despite being named co-controlling owner following the £2.5bn purchase of the club from Roman Abramovich in July 2022, Boehly has seen his influence wane. Clearlake, which holds a 61.5% stake, currently exercises primary control at Stamford Bridge.
Behdad Eghbali, Clearlake’s co-founder, has become the most active member of the ownership group since Boehly stepped down as interim sporting director in January 2023.
Senior figures within the club now acknowledge a division between two main factions: Clearlake and a group allied with Boehly, which includes billionaire partners Hansjorg Wyss and Mark Walter, who collectively own the remaining 38.5% of the club.
Although the existence of a rift has been denied by club sources in the past, it has become increasingly apparent.
Clearlake is not interested in selling any of its stake and is open to increasing its ownership. However, Boehly is also eager to buy out Clearlake’s share and hopes to resolve the matter quickly.
Both parties have matching rights and blocking options should third parties become involved.
The situation has largely been kept from those involved in the sporting side of the club, but some senior figures believe that plans to revamp or relocate the stadium have slowed as a result.
According to a written agreement, the chairmanship will rotate every five years, meaning Boehly is set to step down in 2027. Any sale of Boehly’s shares to a third party would require Clearlake’s approval.
Since taking over in 2022, Chelsea has spent over £1bn on new signings and faced criticism for accumulating players during the summer transfer window, with 42 senior players on the roster at one point, though that number has since been reduced to 36.
The current manager, Enzo Maresca, was hired from Leicester in July to replace Mauricio Pochettino, who left after just one season at Stamford Bridge. Pochettino, who departed by mutual consent, was the latest in a line of managers to exit under the new ownership, following the dismissals of Thomas Tuchel and Graham Potter.
