The US private equity firm Clearlake Capital, which holds a majority investment in Chelsea, is considering either buying out Todd Boehly or coming to an agreement with the billionaire that would limit his influence and keep him largely ceremonial in nature in light of the Chelsea civil war.
There has been quite a bit of tension in Chelsea’s boardroom lately, and Boehly is eager to find a solution quickly. He is optimistic that he has potential investors lined up who could provide the necessary £2.5bn to acquire Clearlake’s majority stake.
Clearlake, owned by Behdad Eghbali and José E Feliciano, seems to have doubts about the possibility of Boehly making a suitable offer and is firm in its stance that it has no intention of selling. According to some opinions, Boehly should consider selling or agreeing to changes in the club’s governance that would result in him being removed from the board and having no influence over decisions, in exchange for certain economic concessions.
There is a growing sentiment that Boehly should seriously contemplate resigning from his position as chairman. There are plans to replace the American chairman in 2027 with a Clearlake nominee in accordance with the current regulations. The Boehly side quickly dismissed the idea of making a quick change.
Clearlake seems to prioritise limiting the influence of minority shareholders when it comes to governance. Decisions currently require the approval of Boehly, Eghbali, and Feliciano. All parties involved would need to give their approval for any sale of shares or outside investment.
There is no chance of Boehly, who has used personal funds to support his investment, agreeing to give up his power. According to an insider, the current ownership arrangement puts him in a position where he would need to approve a deal that could potentially harm his own interests.
The recent rumours highlight the divisions that have emerged since Boehly led the group that acquired Chelsea from Roman Abramovich in 2022. It seems highly unlikely that any reconciliation will take place. Boehly, Mark Walter, and Hansjörg Wyss each hold an equal 38.5% stake in the company.
There have been denials regarding the claims that Boehly is looking to sell, but it has been noted that he might be open to a “compelling” offer. According to insiders, he sees his participation as a long-term endeavour spanning two to three decades, and there are whispers of him strategising a complete acquisition.
Nonetheless, Clearlake is unfazed and thinks it has the upper hand. Though it hasn’t taken any action yet, it is considering raising its stake. There seems to be some interesting discussions happening with Walter and Wyss, but it appears that the main attention is on Boehly.
Boehly, with a wealth of experience in sports ownership through investments in the US, assumed significant responsibilities during the summer following the takeover and assumed the role of interim sporting director. However, Chelsea’s ambitious spending strategy didn’t quite go as planned, as several of Boehly’s signings failed to live up to expectations. According to sources, it seems that he never had any plans to be so involved and instead focused on establishing a new sporting structure during his first year. He seems to be quite determined to create an environment that fosters success.
There have been some changes in the past 18 months, with Boehly taking a step back and allowing Eghbali to assume a more prominent position. There have been some interesting changes in Chelsea’s recruitment department, with Paul Winstanley and Laurence Stewart leading the way. Eghbali has played a significant role in the day-to-day operations, especially when it comes to transfers. According to Boehly, Eghbali should reduce their level of involvement. There are rumoured to be conflicting views regarding the redevelopment of Stamford Bridge.
There seems to be a consensus within Chelsea that selling Clearlake would only cause unnecessary disruption. Clearlake is fully supportive of Enzo Maresca, the head coach, and is confident that the approach of promising young players lucrative, performance-based contracts will yield positive results. There is strong backing for Stewart, Winstanley, and other members of the recruitment team.
Since Abramovich’s departure, there has been a great deal of turmoil in the background. There has been quite a buzz surrounding Chris Jurasek’s recent departure from his position as chief executive. There’s been some interesting news about a new management committee being put in place. It seems that Boehly is quite supportive of Jason Gannon taking on the role of CEO.