Chelsea power struggle could see Clearlake take sole control of club

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’s owners, Behdad Eghbali and Jose E. Feliciano, complete control of the Premier League club.

Boehly, Walter and Hansjorg Wyss joined forces with Clearlake when the consortium bought Chelsea from Roman Abramovich in 2022. Clearlake contributed 61.6% of the purchase price, while Boehly, Walter and Wyss held smaller interests.

Boehly became the public face of the ownership group and took on the role of club chairman. However, The Guardian reports that Chelsea could be valued at about £5bn as part of a potential transaction.

If the sale goes ahead, Eghbali and Feliciano would become the sole decision-makers at Stamford Bridge. A representative of Clearlake is expected to take over as chairman if the proposed change is completed, with Boehly’s term in the role due to end after the current season.

The possibility of a reshaped ownership structure follows several years of tension between the club’s shareholders. Boehly has publicly insisted that the partners share a common vision, but he and Eghbali have been the most visible figures in day-to-day decision-making. Walter and Wyss have generally remained less prominent.

Chelsea’s performance on the pitch has also intensified scrutiny of the ownership group. Over the past four seasons, the club have finished an average of eighth in the Premier League, with their positions ranging from fourth to 12th despite substantial spending in the transfer market.

Boehly initially played a direct role in football operations and spent about £250m on experienced players, including Raheem Sterling and Pierre-Emerick Aubameyang.

That approach later changed, with Eghbali taking on greater responsibility for sporting matters. Chelsea then adopted a strategy focused on signing younger players and offering them lengthy contracts.

The policy attracted widespread criticism from supporters, particularly after the club recorded a pre-tax loss of £262.4m for the year ending in June 2025. It was the biggest such loss in Premier League history.

Chelsea did achieve qualification for the Champions League and won the Club World Cup under Enzo Maresca. However, his sudden departure in January was followed by a decline in results, with the team falling to 10th in the Premier League.

The club are now entering a new phase with Xabi Alonso and a greater emphasis on experienced players. Yet the ownership question remains unresolved.

A sale by Boehly and Walter would represent a significant shift in the balance of power at Chelsea and could leave Clearlake Capital as the only group responsible for the club’s major decisions and its future direction.