Clearlake completes Chelsea takeover after Boehly and Walter sell stakes

Clearlake takes full control

Chelsea's statement said affiliates of Clearlake Capital would acquire Boehly's ownership interest and, as part of the transition, Walter's interest, giving Clearlake full control. Clearlake already held 61.5% of the club. Boehly and Walter each held about 12.8%, and Hansjörg Wyss, who also held 12.8%, will remain an important stakeholder and partner in the ownership group, the club said.

Boehly, the public face of the 2022 takeover, stepped down as chairman, a role he had held since the consortium bought Chelsea from Roman Abramovich. Clearlake is led by co-founders Behdad Eghbali and José E. Feliciano. The club said there would be no changes to day-to-day operations, leadership or strategy.

The price of control

The Financial Times reported that Boehly and Walter would receive a combined £950 million, or $1.27 billion, for their stakes. The two stakes amount to about a quarter of the club. BBC Sport reported that people close to the transaction put Chelsea's overall value at around £5 billion. Goal reported that figure includes debt. Clearlake paid approaching £1 billion for the two stakes, the BBC said.

Goal reported the consortium paid £2.5 billion for Chelsea in May 2022 and pledged a further £1.75 billion in investment. BBC Sport put the 2022 purchase price at £2.3 billion.

Boardroom rift

BBC Sport reported that talks started within Chelsea's ownership group after a rift, first apparent in 2024, that led both sides to explore buying each other out. Goal reported that Boehly and Eghbali clashed over the club's sporting direction and a potential redevelopment of Stamford Bridge, and that Eghbali had become the most hands-on figure in the boardroom, attending matches home and away. BBC Sport said the stadium plans had created tension at times between Boehly's camp and Clearlake.

Boehly said it had been an "honour" to serve as chairman and that he was confident Chelsea was "well positioned for continued success under Clearlake's leadership." Eghbali and Feliciano said Boehly "will always be a part of the Chelsea story and family."

Walter's exit

BBC Sport reported that Walter sold his controlling stake in the Los Angeles Lakers to Joshua Kushner and Bob Iger at a record $12.5 billion valuation last month, a year after buying a majority stake in the NBA franchise. CNBC reported that federal prosecutors and the Securities and Exchange Commission are investigating companies in Walter's business empire, including whether roughly $21 billion in investments by two insurers controlled by Walter were properly disclosed as affiliated or related-party transactions.

TWG Global, Walter's holding company, said on 26 August that "there has been no fraud" and that it was committed to working with the Department of Justice and the SEC to resolve their inquiries.

Clearlake's focus

Clearlake said its focus is to continue investing in the club's infrastructure, sporting performance, player development and long-term success for Chelsea and its supporters.