Clearlake Buys Out Boehly and Walter to Take Full Control of Chelsea

LONDON — Clearlake Capital has assumed full control of Chelsea Football Club after buying the combined 25.66% stake held by American sports investors Todd Boehly and Mark Walter. First reported by the Financial Times, the £950 million ($1.22 billion) buyout values Chelsea at £5 billion, including debt.

The transaction ends the club’s shared ownership structure and immediately concludes Boehly’s tenure as Chelsea chairman, a position he had held since May 2022. Boehly has also relinquished his seat on the club’s board.

Before the sale, Santa Monica-based Clearlake held a 61.5% controlling interest in the London club. Boehly and Walter each owned 12.83%, while Swiss billionaire and philanthropist Hansjörg Wyss held an identical 12.83% stake. Wyss will retain his equity position and remain part of the ownership group alongside Clearlake.

Chelsea officials said the change in equity ownership will cause no operational disruptions across the club’s sporting or business divisions. Chelsea appointed Xabi Alonso as manager during the summer and currently sits sixth in the Premier League table.

Boehly, chairman and chief executive of Greenwich, Connecticut-based Eldridge Industries, retains his minority holdings in Major League Baseball’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. His private equity investments in finance, technology, and real estate also remain in place.

“It has been an honour to serve as Chairman of Chelsea Football Club,” Boehly said in a statement released by the team. “I would like to thank the many who helped secure a bright future for the Club, including the English Premier League, the coaches and players, the talented leadership and staff at Chelsea, and the legions of dedicated fans.”

He added: “I have valued my partnership with Clearlake and the wider ownership group, and the collective decisions and investment we have made to support the immediate and long-term success of the Club. I am confident that Chelsea is well positioned for continued success under Clearlake’s leadership.” Chelsea acknowledged Boehly’s tenure in a statement praising his commitment to keeping supporters at the center of the organization’s governance.

The ownership group first came together in early 2022 to purchase Chelsea for £2.5 billion. The sale followed UK government sanctions imposed on long-time owner Roman Abramovich in the wake of Russia’s invasion of Ukraine. New York investment bank Raine Group oversaw the sales process.

The incoming investor consortium also made a binding commitment to deploy an additional £1.75 billion toward stadium development, team infrastructure, and squad investment. Under Clearlake and Boehly’s initial stewardship, Chelsea later launched an unprecedented rebuilding campaign, expending more than £1 billion in transfer fees to overhaul the playing roster over consecutive transfer windows.

Co-founded in 2006 by Behdad Eghbali and Jose E. Feliciano, Clearlake manages tens of billions in private equity assets. The firm’s purchase of Boehly and Walter’s stake gives it control of the club while Wyss remains an equity holder.

Walter’s Chelsea exit coincides with major portfolio moves in North American professional sports. He recently completed the sale of his family’s stake in the NBA’s Los Angeles Lakers to an investment group led by Thrive Capital founder Joshua Kushner and former Walt Disney Co. chief executive Bob Iger. That transaction valued the basketball franchise at $12.5 billion.

Walter, chief executive of Guggenheim Partners, remains the controlling owner of the Los Angeles Dodgers. He is also currently the subject of an ongoing U.S. federal investigation concerning insurance businesses under his corporate umbrella.