Chelsea co-owners Todd Boehly and Mark Walter have opened discussions about selling their shares in the club to majority owners Clearlake Capital, potentially ending Boehly’s high-profile chairmanship of the west London club. Clearlake, led by Behdad Eghbali and Jose Feliciano, currently holds 61.5 per cent of Chelsea, while Boehly, Walter and Hansjorg Wyss each own a 12.8 per cent stake.
Where Real Control Has Sat
Despite Boehly’s public role as chairman and the face of the consortium that bought Chelsea for £2.5 billion four years ago, day-to-day control of the club has effectively rested with Clearlake’s leadership under Eghbali and Feliciano.
Stadium Plans at the Heart of the Tension
Boehly himself suggested back in March 2025 that the ownership group could ultimately part ways if they couldn’t reach agreement on the future of Stamford Bridge, with Chelsea’s leadership currently weighing whether to redevelop the existing stadium or relocate entirely, with Earl’s Court among the sites under consideration. The project is understood to be complicated by limited available space in London for a new build.
Speaking to Bloomberg, Boehly said the ownership group needs to think about their long-term ambitions for the club, describing the stadium development as a defining project that would either bring the ownership group into alignment or ultimately push them toward going their separate ways.
A History of Friction
This isn’t the first sign of tension between Boehly and Clearlake. Sky Sports News reported in September 2024 that Boehly had been unhappy with aspects of how the club was being run, and specifically didn’t want Mauricio Pochettino removed as head coach in May 2024. Pochettino was replaced by Enzo Maresca, who went on to win the Conference League and Club World Cup before departing at the start of 2026 after which Chelsea endured a difficult follow-up campaign, finishing 10th and missing out on European football entirely. Xabi Alonso was subsequently appointed as head coach this summer, with Chelsea spending more than £280 million on 12 new signings under his early guidance.
“A Positive Thing for Chelsea”
Discussing the situation on Sky Sports News’ Paper Talk, the Daily Mail’s Riath Al-Samarrai described the Boehly-Clearlake relationship as an uneasy alliance almost from the very beginning, pointing to Pochettino’s exit as a clear example of the ownership group disagreeing on a major decision with reporting at the time suggesting Boehly wanted the Argentine to stay while Clearlake pushed for change.
Al-Samarrai suggested a Boehly departure could actually benefit the club by bringing more clarity behind the scenes, while acknowledging the move still depends on Clearlake being willing to pay for the shares. He also noted that Boehly’s formal chairmanship arrangement is due to expire next summer regardless, meaning a natural parting of ways had always seemed possible it’s simply now looking like it could arrive sooner than originally expected.
Quick Facts: Chelsea’s Ownership Structure
- Clearlake Capital stake: 61.5%
- Boehly, Walter and Wyss stakes: 12.8% each
- Original purchase price (2022): £2.5bn
- Boehly’s chairmanship due to expire: Summer 2027
- Key ongoing decision: Stamford Bridge redevelopment vs. relocation (Earl’s Court considered)
- Chelsea’s current head coach: Xabi Alonso
