Todd Boehly has lost faith in his working relationship with Clearlake Capital, the US private equity firm that owns a majority shareholding in Chelsea, and wants to find a resolution that would prevent civil war breaking out at Stamford Bridge.
As claims that the club’s owners do not see eye to eye gain momentum, it is understood that Boehly is confident that investors are ready to provide him with sufficient capital to complete a full takeover. There have been strong denials that the American billionaire is hoping to sell his 38.5% stake, which is split equally between him, Hansjörg Wyss and Mark Walter.
But Clearlake, which is owned by Behdad Eghbali and José E Feliciano, say that it has absolutely no need, desire or plan to sell any of its 61.5% shares to Boehly or any other party. Clearlake sees its ownership of Chelsea as a decades-long investment and is prepared to explore buying out Boehly, who was the face of the consortium that bought the west London club from Roman Abramovich in 2022. Under the terms of the ownership agreement, Boehly cannot sell to a third party without permission from Clearlake.
Although there is a belief in some quarters that Boehly is looking to bide time while he plots an exit route, the insistence remains that he will not be forced out against his will. At the same time Boehly, who has operated in the background over the past 18 months and allowed Eghbali to take a prominent role, recognises that Chelsea’s management structure is untenable.
A cultural divide has developed between the two sides and Boehly, who used his own money to fund his part in the takeover, believes a resolution must be found as soon as possible. It is understood that no talks over either side buying each other out have taken place yet. Boehly would only be prepared to sell if he receives a compelling offer, but his preference remains to lead Chelsea forward. He sees this as a project spanning 20 to 30 years.
Boehly’s position is that he spent the first year of the new ownership helping to put in place a new sporting structure. He was thrust into the role of interim sporting director in the summer that followed the takeover and was criticised for Chelsea’s spending spree, but it was never his plan to be so hands-on.
Eghbali has been a prominent presence over the past 18 months and has worked closely with Chelsea’s co-sporting directors, Paul Winstanley and Laurence Stewart. Chelsea have spent heavily on new signings and believe the new head coach, Enzo Maresca, can lead them back into the Champions League.
There has been much upheaval behind the scenes since Abramovich’s departure. Chris Jurasek has become the latest high-profile departure after leaving his role as chief executive. All major decisions have to be signed off by Boehly, Eghbali and Feliciano. Chelsea have made little progress on plans to redevelop Stamford Bridge.
