Chelsea ownership split could hand full control to Clearlake Capital

Chelsea could be heading for a major change in ownership, with reports suggesting Todd Boehly and Mark Walter are considering selling their stakes to Clearlake Capital.

Such a deal would give Clearlake, which already holds the largest share in the club, complete control of Chelsea. The potential transaction could value the club at about £5bn, according to The Guardian.

Boehly and Walter, together with Hansjorg Wyss, joined Clearlake in acquiring Chelsea from Roman Abramovich in 2022. Clearlake provided 61.6% of the purchase price, while Boehly, Walter and Wyss took smaller stakes.

Boehly has acted as the public face of the ownership group and has served as Chelsea chairman. However, his term in that role is due to end at the conclusion of the current season. If the reported sale goes through, a representative of Clearlake is expected to become chairman.

Clearlake’s co-owners, Behdad Eghbali and Jose E. Feliciano, would then have full decision-making authority at the club.

The possible restructuring follows several years of tension between Chelsea’s shareholders, despite public claims from Boehly that the partners shared a common vision. Boehly and Eghbali have been the most visible figures in the club’s day-to-day management, while Walter and Wyss have generally remained away from the spotlight.

Chelsea’s performances during the ownership group’s first four years have also been a source of scrutiny. The club have finished eighth in the Premier League on average, with their positions ranging from fourth to 12th, despite spending heavily in the transfer market.

Boehly initially took a direct role in football operations and spent about £250m on experienced players, including Raheem Sterling and Pierre-Emerick Aubameyang. He later stepped back from that responsibility, with Eghbali assuming a greater role in the club’s sporting administration.

Chelsea subsequently adopted a different recruitment strategy, focusing on young players and offering them lengthy contracts. That approach has faced widespread criticism from supporters, particularly after the club recorded a pre-tax loss of £262.4m for the year ending in June 2025.

The figure was the largest such loss in Premier League history.

On the pitch, Chelsea qualified for the Champions League and won the Club World Cup under Enzo Maresca. However, his unexpected departure in January was followed by a decline in results, with the club dropping to 10th in the league.

Chelsea have now begun a new phase under Xabi Alonso, alongside a shift towards relying more on experienced players. The club’s ownership structure, however, could undergo the most significant change of all, with Clearlake potentially becoming the sole party responsible for Chelsea’s future decisions and results.