Internal discussions within Chelsea's ownership group could lead to a major shift, with Todd Boehly and Mark Walter exploring the sale of their minority stakes to majority shareholder Clearlake Capital. According to multiple sources familiar with the matter, talks have been underway after a breakdown in relations between the parties, first noted in 2024, prompting both sides to consider a buyout.
Clearlake Poised to Buy Out Minority Partners
Clearlake Capital, which holds a 61.5% majority stake through co-founders Behdad Eghbali and Jose E. Feliciano, is now in a position to purchase the minority partners' shares, rather than the other way around, as reported by BBC Sport. Boehly and Walter each control 12.8% of the club, and based on a reported valuation of £5bn, a sale of either stake would generate roughly £640m per seller.
Swiss billionaire Hansjorg Wyss, who is closely aligned with the pair and also holds a 12.8% share, may also be affected, though his position in any potential deal remains unclear. The timing is notable for Walter, who last week completed the sale of the Los Angeles Lakers for a record $12.5bn (£9.23bn), just over a year after acquiring a majority stake in the NBA franchise.
Walter's Business Interests Under Scrutiny
Walter serves as chief executive of Guggenheim Partners, the global finance firm where Boehly also built his early career. Separately, Walter's business interests are currently under scrutiny from US federal prosecutors and the Securities and Exchange Commission.
Boehly has served as Chelsea chairman since the consortium purchased the club from Roman Abramovich for £2.3bn in 2022. Under a pre-agreed arrangement, he is due to hand over that role to a Clearlake-appointed representative before the end of the current season, according to Sky Sports. The change would mark another step back from the frontline for Boehly, who was the visible face of the takeover and briefly served as interim sporting director during the club's first transfer window under new ownership.
Power Shift and Stadium Disagreements
Since 2023, Eghbali has grown into the most influential figure within the Chelsea hierarchy, taking a hands-on role in transfer business. Several senior club executives have also departed within the first two years of the ownership group taking charge.
Not everyone within the club or the ownership circle accepts the narrative of a serious falling-out. Some sources point to photographs of the two parties together at high-profile fixtures, including Chelsea's FA Cup final defeat to Manchester City, as evidence that the relationship remains functional. Nevertheless, the proposed redevelopment of Stamford Bridge or a potential move to an entirely new stadium has become a genuine source of disagreement. While both Boehly's camp and Clearlake are said to prefer relocating from the current ground, they differ on the scale and design of any future project.
Chelsea finished 10th in the Premier League last season and have since appointed Xabi Alonso as their new manager ahead of the 2025-26 campaign. Earlier, Legit.ng reported about Chelsea's tumultuous managerial history under the leadership of BlueCo, detailing the recent dismissal of Liam Rosenior as their fifth permanent manager since taking over in 2022. As the club grapples with poor performances and an alarming rate of managerial turnover, the question remains: will BlueCo learn from the lessons of their predecessors or continue down the path of instability that has plagued the team for years?
