Todd Boehly Sells His Chelsea Stake as Clearlake Capital Takes Full Control

Chelsea is changing hands again, though this time the earthquake stays in the boardroom rather than on the pitch. Todd Boehly and his partner Mark Walter have sold their stakes in the club, in a deal that hands Clearlake Capital full control of the London side. And with that sale comes an inevitable goodbye: Boehly is stepping down from the chairmanship he had held since the consortium took over Chelsea.

Let's run through how the pie was split until now. Clearlake, the private equity firm led by Behdad Eghbali and Jose E. Feliciano, held 61.5% of the club. Walter and Boehly each controlled 12.83%. And Swiss philanthropist Hansjorg Wyss, with another 12.83%, is the only one whose position stays unchanged: Chelsea confirmed on Wednesday that Wyss will remain part of the ownership group.

It's worth remembering where all this started. The consortium paid 2.5 billion pounds (about $3.3 billion) for Chelsea in 2022, after Roman Abramovich was forced to give up the club following sanctions over his alleged ties to Vladimir Putin in the wake of Russia's invasion of Ukraine. On top of that came an additional commitment of 1.75 billion pounds ($2.3 billion) to invest in the club. Now, according to the Financial Times, Walter and Boehly will pocket 950 million pounds ($1.3 billion) for their combined stake, in a deal that values Chelsea at 5 billion pounds ($6.7 billion) including debt. That's no small sum.

The club itself highlighted Boehly's "unwavering commitment" to the idea that fans are the heart of Chelsea. And Boehly himself said goodbye with a statement full of thanks:

"It has been an honor to serve as chairman of Chelsea Football Club. I want to thank everyone who helped secure a bright future for the Club, including the Premier League, the coaches and players, the talented Chelsea management team and staff, and the legions of devoted fans. I greatly value my partnership with Clearlake and the wider ownership group, as well as the decisions and joint investments we made to support the Club's immediate and long-term success. I am confident that Chelsea is well positioned to continue achieving success under Clearlake's leadership."Todd Boehly

A Relationship That Had Worn Thin

This didn't come out of nowhere. Last month ESPN had already reported that the relationship between Clearlake and Boehly had deteriorated over time, to the point that both sides explored the possibility in 2024 of buying out the other's stake. Sure enough, Clearlake came out on top.

Walter, meanwhile, has had a busy year away from soccer pitches. Last month he completed the sale of the NBA's Lakers to Joshua Kushner and former Disney chief executive Bob Iger, in a deal valued at $12.5 billion, just 14 months after acquiring the team. He is also under investigation by federal authorities over matters related to his insurance companies. Still, he remains the owner of the Los Angeles Dodgers.

So what happens now at Stamford Bridge? The club was clear: there will be no changes to day to day operations, leadership or strategy. Chelsea, who appointed Xabi Alonso as manager over the summer, currently sit in sixth place in the Premier League. The power structure has shifted at the top, but the project, for now at least, stays on course.