Chelsea chairman Todd Boehly and fellow investor Mark Walter have held discussions over selling their minority stakes in the Premier League club to majority shareholder Clearlake Capital.
Talks within Chelsea’s ownership group come after tensions between the two sides became increasingly visible in 2024, when both camps began examining potential routes to buy out the other. The latest discussions point towards Clearlake expanding its control instead.
Clearlake, led by Behdad Eghbali and Jose E. Feliciano, currently owns 61.5% of Chelsea. Boehly and Walter each hold 12.8%, while Swiss businessman Hansjorg Wyss owns another 12.8%. It is not yet clear whether Wyss would take part in any wider transaction.
Boehly and Walter are understood to value Chelsea at around £5bn. At that valuation, each of their holdings would be worth approximately £640m.
Walter is chief executive and co-owner of Guggenheim Partners, the financial group where Boehly previously built part of his career. His potential Chelsea exit comes shortly after a major transaction involving the Los Angeles Lakers, whose sale valued the NBA franchise at a record $12.5bn.
Companies linked to Walter’s wider business interests are also currently subject to investigations by US federal prosecutors and the Securities and Exchange Commission.
Any deal would further strengthen Clearlake’s influence at Stamford Bridge. Boehly remains Chelsea chairman but is scheduled to leave the position at the end of the season, when a Clearlake-selected representative is due to take over under an arrangement established following the club’s £2.3bn purchase from Roman Abramovich in 2022.
Boehly was initially the most visible figure in the new ownership group and temporarily handled sporting responsibilities during its first transfer window. Since 2023, however, Eghbali has become increasingly prominent in major club decisions, including transfer activity.
Chelsea’s long-term stadium plans have also contributed to disagreements among the owners. Both sides are believed to support eventually leaving the existing Stamford Bridge site, but they differ over the scale and design of any replacement project.
Despite reports of friction, figures around Chelsea have previously sought to downplay suggestions of a major breakdown in relations, pointing to Boehly and Eghbali appearing together at important matches.
The ownership discussions come after Chelsea finished 10th in the Premier League last season and appointed Xabi Alonso as manager during the summer.
Chelsea, Boehly, Walter and Clearlake have not publicly commented on the latest talks.