Chelsea’s co-owners are reportedly considering buying each other out due to tensions at the board level.
Chairman Todd Boehly and the majority stakeholder, Clearlake Capital, are both interested in gaining full control of the club.
Boehly, initially named co-controlling owner after Chelsea was purchased from Roman Abramovich for £2.5 billion in July 2022, has seen his influence wane. Clearlake Capital, which holds a 61.5% stake, now holds primary control of operations at Stamford Bridge.
Behdad Eghbali, co-founder of Clearlake, has taken on a more active role within the ownership group since Boehly stepped down as interim sporting director in January 2023.
There is growing recognition of a division between Clearlake and Boehly’s faction, which includes billionaire partners Hansjorg Wyss and Mark Walter, who collectively own the remaining 38.5% of the club.
While the club has previously denied any conflict, Clearlake has expressed no interest in selling its stake and is open to increasing it. Boehly, on the other hand, is also looking to buy out Clearlake’s stake and is eager to resolve the matter swiftly.
Both parties have matching rights and veto options should third-party offers arise.
The internal dispute has largely been kept away from those involved in the sporting side of the club, but some senior figures suspect that it has slowed progress on projects like stadium redevelopment or relocation.
Under a written agreement, the chairmanship is set to rotate every five years, meaning Boehly would step down in 2027. Any sale of Boehly’s shares to a third party would require Clearlake’s approval.
Since the 2022 takeover, Chelsea have spent over £1bn on new signings and were criticised for hoarding players during the summer transfer window, with 42 senior players on the books at one point, although that number was cut to 36.
Current manager Enzo Maresca was hired from Leicester in July to replace Mauricio Pochettino, who left Stamford Bridge after only one season in charge.
Pochettino, who departed by mutual consent, was the latest boss to leave under the new owners, who had previously sacked Thomas Tuchel and Graham Potter.