Todd Boehly steps down as Clearlake takes full control of Chelsea

Chelsea chairman Todd Boehly and Mark Walter have agreed to sell their stakes in the club to majority owner Clearlake Capital, giving the investment firm full control of the Premier League side.

Clearlake, led by co-founders Behdad Eghbali and Jose E. Feliciano, previously held 61.5% of Chelsea. Boehly, Walter and Swiss billionaire Hansjorg Wyss each owned 12.8% stakes.

Chelsea said Wyss “will remain a shareholder and important partner in the ownership group”.

Boehly, who became chairman in 2022, will leave the role. He and Walter were part of the consortium that bought Chelsea from Roman Abramovich for £2.3bn that year, after the British government sanctioned the Russian over alleged links to President Vladimir Putin, allegations Abramovich denied.

Clearlake is understood to have paid close to £1bn for the two stakes, which together represented about a quarter of the club. Chelsea sources value the club at about £5bn.

BBC Sport reported in August that Boehly and Walter were considering selling their shares. Multiple sources said discussions began within Chelsea’s ownership group after a dispute, which first emerged in 2024, led both sides to explore buying each other’s stake.

Boehly, who is also a co-owner of baseball team Los Angeles Dodgers, said it had been “an honour” to serve as Chelsea chairman.

“I would like to thank the many people who helped secure a bright future for the club, including the Premier League, the coaches and players, Chelsea’s talented leadership and staff, and the club’s legions of loyal supporters,” he added.

“I have valued my partnership with Clearlake and the wider ownership group, as well as the collective decisions and investments we have made to support the club’s success in the short and long term. I am confident Chelsea is well positioned to continue succeeding under Clearlake’s leadership.”

Boehly and Walter have also sold their stake in French club Strasbourg, Chelsea’s partner club.

Since the 2022 takeover, Chelsea’s best Premier League finish has been fourth in the 2024-25 season. They also won the UEFA Conference League and the Club World Cup during that campaign.

The club has experienced a notably high player turnover over the past four years, with its initial strategy focused on signing young players on long-term contracts. Chelsea finished 10th in the Premier League last season and appointed Xabi Alonso as head coach in the summer.

Eghbali and Feliciano thanked Boehly for his “time and contribution” as chairman, saying he “will always be part of Chelsea’s history and family”.

They said their focus would be on “continuing to invest in the club’s infrastructure, sporting performance and player development, and delivering long-term success for Chelsea and its supporters”.

Chelsea is still considering either redeveloping Stamford Bridge or moving to a new stadium. Sources say the issue has at times caused tension between Boehly’s camp and Clearlake.

The club said there would be “no changes to the day-to-day operations, leadership or strategy of the club” as a result of Clearlake assuming full control.

Walter, co-founder and chief executive of global financial firm Guggenheim Partners, where Boehly also began his finance career, sold the Los Angeles Lakers last month for a record $12.5bn (£9.23bn), a year after buying a majority stake in the NBA team.

Separately, US federal prosecutors and the Securities and Exchange Commission are investigating companies linked to Walter’s business empire.