Boehly and Walter in talks to sell Chelsea stakes to Clearlake in £5bn deal

Chelsea shareholders Todd Boehly and Mark Walter are in talks to sell their stakes in the Premier League club to majority owner Clearlake Capital, according to a report from the Financial Times. The deal would value Chelsea at more than £5 billion — double the £2.5 billion the BlueCo consortium paid to acquire the club in May 2022.

Boehly, Chelsea’s chairman and co-controlling owner, and board member Walter each hold a 12.8 per cent stake. Clearlake, a California-based private equity firm, is already the club’s majority shareholder with 61.5 per cent. The remaining 38.5 per cent is split equally between Walter, Boehly, and 90-year-old Swiss billionaire Hansjorg Wyss, whose intentions remain unclear.

The development comes two years after reports first emerged that Clearlake and Boehly had been prepared to buy each other out, suggesting tensions within the ownership structure have persisted for some time.

Since the takeover, Chelsea have spent close to £1.5 billion on player transfer fees without winning the Premier League or the Champions League. The ownership model has drawn sustained criticism from supporters over ticket pricing, a revolving door of managers — six permanent appointments in three years — and the club’s involvement in a multi-club network.

Xabi Alonso, appointed in May following the sacking of Liam Rosenior and a brief interim period under Calum McFarlane, is now tasked with turning the tide. Chelsea have spent £348 million on signings this summer while recouping £138 million, with notable arrivals including 35-year-old Danny Welbeck and 36-year-old Jordan Henderson on a free transfer — a deliberate shift toward experience after years of recruiting young players on long contracts.

“For sure, we need to have the right balance in everything,” Alonso said. “The right balance in physicality, the right balance in talent and experience. You need to have the right balance in players you need to develop, and to develop this maturity.”

Alonso’s side open their Premier League season away to west London rivals Fulham next Monday, having won three, lost two, and drawn one of their six pre-season fixtures.