– billionaire can leave Stamford Bridge – just four years after the purchase
Chelsea chairman Todd Boehly has begun talks to sell his stake in the club to majority owner Clearlake Capital, according to the Financial Times. A deal could value Chelsea at over £5 billion – twice what the consortium paid in 2022.
Boehly, who together with Mark Walter owns 12.8 percent of Chelsea, has started discussions about a sale. A potential deal would both give Boehly and Walter a solid return – and at the same time resolve the growing tensions within the club’s ownership group.
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The power struggle behind the 2022 coup
When Boehly, Walter, Clearlake and Hansjörg Wyss bought Chelsea for £2.5 billion in May 2022, the BlueCo consortium committed to a further 1.75 billion in investments. Clearlake currently holds a majority stake of 61.5 percent, while the rest is equally divided between Walter, Boehly and Wyss.
It has long been known that Clearlake and Boehly have had tensions between them, and both parties have previously been open to buying each other out. Now, it appears that Boehly and Walter are considering selling their shares – which will give Clearlake full control.
However, the shares can only be sold to Clearlake or Wyss due to clauses in the ownership agreement, which prevent major shareholders from selling to outside investors during the first ten years.
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Billions in the pipeline – and investigations in the US
The sale rumors come at the same time as Walter is under investigation by the US Attorney General’s Office and the Securities and Exchange Commission (SEC). It is being investigated how billions in loans to companies linked to Walter or his holding company TWG Global ended up in insurance companies’ books via third parties.
TWG Global has stated that it is cooperating with the authorities and is confident that the cases will be resolved in a favorable manner.
So far, there has been no indication that Walter’s sale of the NBA’s Los Angeles Lakers – which was sold for $12 billion (£9.4 billion) last week – is linked to the investigation.
Boehly on his way out?
Boehly is currently in his fifth and final term as chairman of the board. The role will be transferred to Clearlake in May next year, and if the sale is completed, the Clearlake duo of Behdad Eghbali and José E. Feliciano will be alone in power at Stamford Bridge.
Chelsea fans can therefore expect major changes in the boardroom – and perhaps also in the club’s strategy going forward. One thing is certain: it will be a whole new chapter in the ownership saga at Stamford Bridge.
