Todd Boehly and Mark Walter, two of the co-owners of Chelsea, have opened talks about selling their shares in the Premier League club to Clearlake Capital, the American private equity firm that already holds a majority stake in the west London side. The discussions mark a potentially significant shift in the ownership structure that has run Chelsea since the £2.5billion takeover from Roman Abramovich four years ago.
Clearlake Capital currently owns 61.5% of Chelsea, while Boehly, Walter and fellow investor Hansjorg Wyss each hold a 12.8% stake in the club. Clearlake, led by Behdad Eghbali and Jose Feliciano, has effectively controlled the day-to-day running of Chelsea even though Boehly has served as chairman and public face of the ownership group since the deal was completed in 2022.
Reports of the talks come after months of speculation about tension within the Chelsea boardroom. Boehly was the frontman of the consortium that beat off rival bids to buy Chelsea, and he has remained the most visible figure associated with the club, regularly seen in the stands at Stamford Bridge. However, insiders have long suggested that his influence over major decisions at the club has diminished relative to that of Clearlake’s leadership.
One of the clearest signs of friction emerged in 2024, when it was reported that Boehly disagreed with the decision to part ways with then-head coach Mauricio Pochettino. Chelsea went on to appoint Enzo Maresca, who guided the club to Conference League and Club World Cup success before leaving at the start of 2026. Chelsea endured a difficult season, finishing tenth in the Premier League and missing out on European football, before turning to Xabi Alonso as their new manager this summer and backing him with more than £280million in transfer spending.
As far back as March 2025, Boehly himself acknowledged that Chelsea’s ownership group could eventually split if there was no agreement on the club’s long-term stadium plans. Chelsea’s hierarchy has been weighing whether to redevelop Stamford Bridge or relocate, with Earl’s Court mentioned as one possible option for a new home. Speaking to Bloomberg, Boehly said the owners needed to think about the long-term project together, adding that the stadium question would ultimately determine whether the group stayed aligned or went their separate ways.
Should Boehly and Walter proceed with a sale of their Chelsea shares, it would represent the clearest resolution yet to the uneasy alliance that has characterised the club’s ownership since 2022. According to Financial Times, it will place the value of the club to over £5 billion. Analysts covering the club have suggested that Boehly’s departure could bring clarity to the club’s decision-making structure, even if it remains unclear whether Clearlake is willing to meet the price required to complete a buyout. Boehly’s formal position as chairman is also reported to be due to expire next summer, a factor that may have accelerated discussions over an earlier exit.
Chelsea have not issued an official statement confirming the specifics of any deal, and it remains uncertain how quickly, if at all, a transaction might be finalised. Any change of this scale would need to satisfy Premier League ownership rules, and the value attached to the departing shares is likely to be a central point of negotiation between the parties.
For now, Chelsea fans face fresh uncertainty over who will ultimately control their club, even as attention on the pitch turns to Alonso’s first full season in charge. The Blues have already made major changes to their squad this summer, and a potential boardroom shake-up would add another layer of transformation to what is shaping up as a pivotal year for Chelsea both on and off the pitch.
