Chelsea’s civil war has led Clearlake Capital, the US private equity firm that owns a majority shareholding in the club, to consider buying out Todd Boehly or striking a deal with the billionaire that would remove his influence and keep him in little more than a ceremonial role.
The atmosphere in Chelsea’s boardroom has deteriorated since the weekend and Boehly, who wants to resolve the situation as soon as possible, is confident he has investors ready to provide the £2.5bn that could allow him to buy Clearlake’s 61.5% stake.
Clearlake, owned by Behdad Eghbali and José E. Feliciano, is believed to be sceptical about the likelihood of Boehly making a suitable offer and is adamant it has no plans to sell. Its view is that Boehly should sell up or accept changes to the club’s governance that would remove him from the board and strip him of any say over decisions in exchange for economic concessions.
It feels that Boehly should consider stepping down as chairman. Under current rules the American will be replaced as chairman by a Clearlake nominee in 2027. The suggestion of an immediate change was deemed a non-starter by the Boehly side.
One of Clearlake’s main aims is for minority shareholders to have no say over governance. Decisions currently have to be signed off by Boehly, Eghbali and Feliciano. Any sale of shares or outside investment would have to be approved by all parties.
The prospect of Boehly, who has used personal money to fund his investment, agreeing to dissolve his power is understood to be nonexistent. A source pointed out that the ownership structure means he would have to sign off on a deal that would hurt him.
The latest noises underline the splits that have developed since Boehly fronted the consortium that bought Chelsea from Roman Abramovich in 2022. There is little prospect of relations being repaired. A 38.5% stake is split equally between Boehly and his partners, Mark Walter and Hansjörg Wyss.
Claims that Boehly is looking to sell have been denied, although it has been pointed out that he would consider a “compelling” offer. He views his involvement as a 20-to-30-year project and sources have indicated he is plotting a full takeover.
Clearlake remains unmoved, though, and believes the power resides in its corner. Although no moves have been made yet, it is thinking about increasing its stake. It could look to negotiate with Walter and Wyss but the main focus is on Boehly.
Boehly, who has extensive experience of sports ownership through investments in America, took on major responsibilities in the summer after the takeover and stepped up as interim sporting director. But Chelsea’s heavy spending backfired and many of the signings made by Boehly did not work out. His position is that he never intended to be so hands-on and spent the first year putting in place a new sporting structure. He is focused on establishing a culture of winning.
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Boehly has stepped back in the past 18 months, making space for Eghbali to take a prominent role. Chelsea have revamped their recruitment department, which is led by the co-sporting directors Paul Winstanley and Laurence Stewart, and Eghbali has been heavily involved in day-to-day matters, particularly when it comes to transfers. Boehly’s position is that Eghbali should be less involved. There are also understood to be differences of opinion over the redevelopment of Stamford Bridge.
The feeling within Chelsea is there would be no benefit to the disruption that would come from Clearlake selling. Clearlake is aligned with Enzo Maresca, the head coach, and believe the strategy of signing young players on long, heavily incentivised contracts will pay off. There is full support for Stewart, Winstanley and other members of the recruitment team.
There has been much upheaval behind the scenes since Abramovich’s departure. Chris Jurasek has become the latest high-profile departure after leaving as chief executive. A new management committee has been installed, with Boehly understood to be supportive of Jason Gannon stepping up as the CEO.