Clearlake Capital Set to Take Full Control of Chelsea

Clearlake Capital is closing in on a deal to buy out Chelsea's minority owners Todd Boehly and Mark Walter, a takeover that would leave Behdad Eghbali's group in outright control of the club and value it at around £5bn.

Boehly, Walter and the Swiss businessman Hansjörg Wyss each hold 12.8% of Chelsea, bought jointly with Clearlake from Roman Abramovich four years ago for £2.5bn, with a further £1.75bn pledged in investment. Clearlake, run by Eghbali and José E. Feliciano, already holds the other 61.5% and has had day-to-day operational control since the takeover. Under the shareholders' agreement, none of the owners can sell to an outside party without the consent of their partners, which gives Clearlake first option on Boehly and Walter's stakes.

Talks between the two camps have run on and off for two years but picked up pace last month, by all accounts because Walter needs funds to settle with insurers following a US federal investigation into undisclosed affiliated loans worth $20bn at his holding company, TWG Global. He has already sold his stake in the NBA's Los Angeles Lakers. No charges have been filed. Boehly, a long-time investment partner of Walter's, is also expected to sell; Wyss's position has not been confirmed.

Under the current ownership terms Boehly remains Chelsea chairman and president until 2027, a role that could continue in name even as his influence in the boardroom fades once Clearlake's stake moves past 75%. Should the deal complete, Chelsea would move from a four-way ownership structure to one run almost entirely by Eghbali's group, ending the arrangement put in place when Boehly fronted the takeover from Abramovich in 2022.