Clearlake Capital have taken full control of Chelsea Football Club after buying out the ownership stakes held by Todd Boehly and Mark Walter, the club confirmed late on Wednesday evening. The transaction gives co-founders Behdad Eghbali and Jose E. Feliciano undisputed command of the west London side, with Swiss billionaire Hansjorg Wyss — who has increased his holding by joining Clearlake in acquiring part of Boehly's interest — remaining as a stakeholder owning 13.5 per cent.
Clearlake previously held a 61.5 per cent majority in Chelsea since the 2022 acquisition from Roman Abramovich. Boehly, Walter and Wyss had each held a 12.8 per cent share. The sale of the combined stake is understood to be worth £950million, with the overall club valuation put at close to £5billion including debt. Boehly and Walter are making a small profit on their original investment.
Boehly has stepped down as chairman, ending a four-year association with the club. Jonathan Goldstein has also left the Chelsea board. Neither Boehly nor Walter retains any role in the club's governance, management or decision-making. There are no plans to appoint a new chairman, with the executive sporting and commercial team remaining in place.
"Clearlake has served as Chelsea's majority owner since 2022, and as we move to full control our focus is to continue investing in the club's infrastructure, sporting performance, player development and delivering long-term success for Chelsea and the club's supporters," Eghbali and Feliciano said in a statement issued to Sky Sports.
Boehly, who co-owns baseball franchise the Los Angeles Dodgers, acknowledged his departure with warmth. "It has been an honour to serve as Chairman of Chelsea Football Club," he said.
Boehly and Walter have also sold their shareholding in Chelsea's partner club, the French Ligue 1 side Strasbourg. Walter, meanwhile, sold the Los Angeles Lakers for a record $12.5billion last month, just over a year after acquiring a majority stake in the NBA franchise. He remains under federal investigation relating to companies within his wider business empire.
The ownership change comes at a moment of transition on the pitch as well. Xabi Alonso was appointed manager this summer following Chelsea's 10th-place Premier League finish last season, a campaign in which the club also lost their place in European football. Alonso retains the full backing of the new ownership structure, and Chelsea currently sit sixth in the Premier League.
Off the pitch, the stadium question is pressing. Stamford Bridge holds just over 40,000 spectators, a smaller capacity than each of the other so-called big six clubs. Remodelling the existing ground has been ruled out, with a stand-by-stand upgrade not considered worthwhile. Clearlake are weighing either demolishing the current stadium and rebuilding on the same site, or relocating altogether. A site at Earl's Court, just over a mile from Stamford Bridge, is among the options under consideration. The Earl's Court Development Company has already announced a £10billion master plan centred on housing and retail, though there is a belief within the club that sufficient space could be found for a new ground. No formal proposal has yet been put to the Chelsea Pitch Owners.
Clearlake, founded in 2006 and headquartered in Santa Monica, California, manages more than $185billion in assets. The firm confirmed there will be no immediate disruption to how the club is run day to day, with the existing leadership and strategy staying firmly in place.
Reporting: Football.London, Daily Mail, Evening Standard, Inside World Football, The Sun, Mirror, Sky Sports, RTÉ, CaughtOffside, Daily Star, ESPN, The Guardian, BBC Sport, talkSPORT.