Todd Boehly and fellow co-owner Mark Walter have sold their stakes in Chelsea in a deal that gives Clearlake Capital full control of the English Premier League club.
Private equity firm Clearlake, led by Behdad Eghbali and Jose E. Feliciano, previously owned a 61.5% stake in Chelsea, while U.S. businessmen Walter and Boehly each owned 12.83%. The club said in Wednesday’s announcement that Swiss philanthropist Hansjörg Wyss, who also owned a 12.83% stake, will remain a partner in the ownership group.
The consortium bought Chelsea for £2.5 billion ($3.3 billion) in 2022 with a further £1.75 billion ($2.3 billion) committed to investment in the club after former owner Roman Abramovich was sanctioned by alleged ties to Russia president Vladimir Putin following the country’s invasion of Ukraine.
The Financial Times reported that Warner and Boehly will receive £950 million ($1.3 billion) for their combined stake in a deal that values the club at £5 billion ($6.7 billion) including debt.
Boehly also held the position of club chairman, a role which he will now relinquish.
Chelsea said chairman Boehly had shown “unwavering commitment” to the ownership group’s belief that the supporters are at the heart of the club.
“It has been an honour to serve as Chairman of Chelsea Football Club,” Boehly said in a Chelsea statement. “I would like to thank the many who helped secure a bright future for the Club, including the English Premier League, the coaches and players, the talented leadership and staff at Chelsea, and the legions of dedicated fans.
“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. I am confident that Chelsea is well positioned for continued success under Clearlake’s leadership.”
ESPN reported last month that the relationship between Clearlake and other investors, specifically Boehly, deteriorated over recent years with each looking to buy the other out in 2024.
Walter last month completed the sudden sale of the Los Angeles Lakers to venture capitalist Joshua Kushner and former Disney CEO Bob Iger at a $12.5 billion valuation.
Walter, who only acquired the Lakers 14 months earlier, is under federal investigation relating to insurance companies he owns. He remains owner of the Los Angeles Dodgers.
Chelsea, who appointed Xabi Alonso as manager in the summer and are currently sixth in the Premier League, said there will be no changes to day-to-day operations, leadership or strategy at the club.
Information from ESPN’s James Olley and PA contributed to this report.
