Todd Boehly and Mark Walter sell Chelsea stakes as Clearlake takes full control

What happened?

Clearlake Capital has taken full control of Chelsea Football Club after buying out co-owners Todd Boehly and Mark Walter, bringing a sudden end to the Boehly era at Stamford Bridge.

The deal values the Premier League club at £5bn—double the £2.5bn paid when the BlueCo consortium bought it from Roman Abramovich in 2022. Under the terms of the buyout, Clearlake increases its stake to 86.5 per cent, while Swiss billionaire Hansjörg Wyss retains his 13.5 per cent share.

Boehly, Walter, and director Jonathan Goldstein are stepping down from the Chelsea board immediately, giving up any role in the club's governance, management, or decision-making. No replacement chairman will be appointed. Instead, Clearlake co-founder Behdad Eghbali remains the undisputed power at Stamford Bridge, with day-to-day operations and club strategy remaining unchanged.

The rise and fall of the Boehly era

When the BlueCo consortium bought Chelsea in 2022, Boehly was the highly visible, energetic frontman. He immediately appointed himself interim sporting director, overseeing a frantic first transfer window in which the club spent around £300m on players like Raheem Sterling, Marc Cucurella, and Wesley Fofana.

But that chaotic introduction to English football quickly turned difficult. Boehly became the public face of Chelsea's lavish, unstructured spending and erratic managerial changes, including the sacking of Champions League-winning manager Thomas Tuchel. Chelsea struggled on the pitch, qualifying for the Champions League only once under his tenure.

While Boehly stood back in recent seasons as permanent sporting directors were hired, the relationship between the co-owners deteriorated behind the scenes. Tensions spilled into the open in 2024, notably over the departure of head coach Mauricio Pochettino, whom Boehly reportedly wanted to keep. Disagreements over the future of Stamford Bridge also grew, with Boehly warning in 2025 that the owners might have to go their separate ways if they could not agree on whether to rebuild the current ground or move to a new site at Earl's Court.

What happens next?

The catalyst for the final split was Walter’s need to liquidate assets to address financial pressures in the US, following the sale of his stake in the LA Lakers. Boehly and Walter are said to have made a modest profit on their initial investment.

For Chelsea supporters, the buyout brings boardroom stability after years of public division. Day-to-day operations and transfer strategy will remain exactly as they were. The club, now managed by Xabi Alonso, will continue to target elite young talent while adding established, ready-made Premier League players.

"It has been an honour to serve as chairman of Chelsea Football Club," Boehly said in a parting statement, adding that he was "confident that Chelsea is well positioned for continued success under Clearlake's leadership."

In a joint statement, Eghbali and Feliciano thanked Boehly for his contribution as chairman, saying: "He will always be a part of the Chelsea story and family."