Chelsea’s Ownership Drama Unfolds As Co-owners Try To Buy Each Other Out

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Written by: Stigg Munene| Posted just now

Chelsea’s co-owners are looking to buy each out amid a rift at board level

Chairman Todd Boehly and majority owners Clearlake Capital are both prepared to take full control of the club.

Boehly has gradually lost power despite being named co-controlling owner after the club’s purchase from Roman Abramovich for £2.5bn in July 2022, with Clearlake – which owns a 61.5% stake – in primary control at Stamford Bridge.

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Clearlake co-founder Behdad Eghbali has become the most hands-on figure within the ownership group since Boehly stepped down as interim sporting director in January 2023.

Multiple figures in the senior hierarchy now recognise there is a rift between two main blocs – Clearlake and the group allied to Boehly, including billionaire partners Hansjorg Wyss and Mark Walter, which owns the other 38.5% of the club.

Any rift has previously been denied by sources at the club.

Clearlake does not want to sell any of its stake in the club and is open to expanding it.

But Boehly also wants to buy out that stake and is keen to see the situation resolved quickly.

The two parties have matching rights and blocking options, should third parties come to the table.

The issue has been kept from most involved in the sporting side of the club, but some senior figures believe work on revamping or moving stadium has slowed due to the situation.

As part of a written agreement, the chairman will change every five years, which is due to see Boehly step down in 2027.

Since the 2022 takeover, Chelsea have spent over £1bn on new signings and were criticised for hoarding players during the summer transfer window, with 42 senior players on the books at one point, although that number was cut to 36.

Current manager Enzo Maresca was hired from Leicester in July to replace Mauricio Pochettino, who left Stamford Bridge after only one season in charge.

Pochettino, who departed by mutual consent, was the latest boss to leave under the new owners, who had previously sacked Thomas Tuchel and Graham Potter.

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Source: Alazeera