US businessmen Todd Boehly and Mark Walter are in talks to sell their stakes in Chelsea Football Club to majority owner Clearlake Capital, reported Financial Times citing people familiar with the matter, potentially reshaping the Premier League club’s ownership structure.
The discussions are the latest development in a long-running relationship between the two sides, which have disagreed over strategy since acquiring Chelsea for £2.5 billion in 2022.
Clearlake owns more than 60% of the club but shares joint control and equal governance with Boehly, who serves as chairman.
No agreement has been reached, and the talks could still end without a transaction, the people cited in the report said.
Chelsea ownership tensions resurface
The consortium led by Clearlake and Boehly bought Chelsea from Russian oligarch Roman Abramovich after sanctions imposed on him following Russia’s invasion of Ukraine forced the sale.
Since then, differences between Boehly and Walter’s side of the ownership group and Clearlake have created tensions over the club’s direction.
A potential stake sale could help simplify the ownership structure and resolve some of those disagreements. Clearlake would potentially gain greater control of the club if it acquired the interests held by Boehly and Walter.
Representatives for Walter and Boehly did not immediately respond to requests for comment, while Chelsea and Clearlake declined to comment.
The revived talks come as Walter reviews other assets held through his business empire. His family office recently approached Clearlake about a potential sale of his Chelsea stake, according to people familiar with the matter.
Walter faces scrutiny as sports assets change hands
The discussions also come amid regulatory scrutiny surrounding Walter’s insurance businesses, which formed the foundation of his rise on Wall Street.
US prosecutors are investigating his insurance companies following disclosures that insurers he controlled had lent money to related parties without disclosing the connections.
The insurers are now seeking to sell affiliated investments or reduce the loans, according to the reports.
Walter has also been selling major sports assets. Last week, he agreed to sell the Los Angeles Lakers for $12.5 billion to a group led by former Disney chief Bob Iger and venture capitalist Joshua Kushner.
The potential Chelsea transaction would come amid a broader wave of deals involving major sports franchises, as wealthy investors and institutions increasingly view teams as investable assets.
A consortium led by Amit Bhatia also agreed last week to acquire about one-third of Liverpool FC at a valuation of roughly $7 billion.
The group includes Facebook co-founder Eduardo Saverin and a fund backed by Amazon founder Jeff Bezos.
Chelsea’s mixed results under current ownership
Chelsea has achieved some success under the Clearlake-Boehly ownership group, winning the Fifa Club World Cup and Uefa Europa Conference League last year.
However, the club has struggled in the Premier League. Chelsea finished 10th last season and failed to qualify for lucrative European competitions.
The club also underwent a managerial change after Enzo Maresca left in January. Former Real Madrid manager Xabi Alonso was appointed ahead of the new season.
Maresca subsequently joined Manchester City following a settlement between the clubs, under which Chelsea will receive compensation.
A sale of Boehly and Walter’s interests to Clearlake would therefore mark a significant change in the ownership structure of one of England’s most valuable football clubs, although the current discussions remain preliminary.
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