Todd Boehly and Mark Walter have sold their stakes in Chelsea to majority owner Clearlake Capital, giving the private equity firm full control of the Premier League club.
Boehly and Walter were among the investors who partnered with Clearlake to acquire Chelsea from Roman Abramovich for £2.5 billion ($3.3 billion) in May 2022.
“Chelsea Football Club today announced that affiliates of Clearlake Capital Group, L.P. (‘Clearlake’) will acquire the ownership interest of Todd Boehly,” the club said in a statement.
“As part of the transition, Clearlake will also acquire Mark Walter’s ownership interest and therefore acquire full control of the Club”
Before the latest deal, Clearlake held 62 per cent of Chelsea, while Boehly and Walter held the remaining shares alongside fellow investor Hansjorg Wyss.
Wyss “will remain an important stakeholder and partner in the ownership group,” the club said.
The financial terms of the deal were not disclosed, although Boehly and Walter were reported to have valued Chelsea at £5 billion.
The Financial Times reported that the pair were set to receive £950 million in cash from the deal, which values the club at about $5 billion including debt.
Boehly, who previously served as Chelsea chairman, said it had been “an honour to serve as Chairman of Chelsea Football Club”.
“I have valued my partnership with Clearlake and the wider ownership group, and the collective decisions and investment we have made to support the immediate and long-term success of the Club,” he said.
“I am confident that Chelsea is well positioned for continued success under Clearlake’s leadership.”
Chelsea finished 10th in the Premier League last season and appointed Xabi Alonso as their new manager.
Boehly had reportedly expressed dissatisfaction with the club’s direction, particularly over recruitment, managerial decisions and plans for a potential new stadium.
Reports also said Boehly and Clearlake had made several attempts to buy each other out of Chelsea over the past two years.
Boehly and Walter remain co-owners of the Los Angeles Dodgers baseball team, while Walter recently sold his stake in the Los Angeles Lakers basketball franchise for $12.5 billion.
Clearlake Capital co-founders Behdad Eghbali and Jose E. Feliciano thanked Boehly “for his time and contribution as Chairman.”
“There will be no changes to the day-to-day operations, leadership or strategy at the Club,” the statement said.
Faridah Abdulkadiri
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