Clearlake eyes takeover and reduction of Todd Boehly’s power at Chelsea
Todd Boehly has been Clearlake target to draw power over the Bridge
The atmosphere in Chelsea’s boardroom has been tense since last weekend, as Boehly seeks a solution. Despite investors being ready to provide £2.5 billion to acquire Clearlake’s 61.5% stake, the situation appears to be heading towards a potential internal conflict.
The US private equity firm led Clearlake Capital owns a majority of shares in the club, and aims for further ownership with plans for buying out Todd Boehly. This could strip the billionaire of his influence and power in making the final decision.
For a better future, it’s better if Boehly steps down as chairman, under current rules to be replaced as chairman by a Clearlake nominee in 2027.
Clearlake’s main objective will be to ensure minority shareholders do not influence governance. Currently, the final call is taken by Boehly, Eghbali, and Feliciano. Every share sale or external investment would need unanimous approval for the longer run. As per sources, the ownership structure forces Boehly to sign any deal that might tamper his role. These tensions zoom in on the issues since Boehly took over from Abramovich in 2022. To date, the 38.5% stake is shared equally between Boehly, Walter, and Wyss, with no form of reconciliation.
While Boehly denies the fact that he’s looking to sell, has, opened doors for a “compelling” offer. He believes it to be part of a 20- to 30-year plan, while insiders claim this is a plan for full control. On the other hand, Clearlake remains solid in position and believes it holds the upper hand. With formal moves being made, increasing stakes in the pipeline could give way for possible negotiations involving Walter and Wyss. The extensive sports ownership experience still is with Boehly, who plays the major roles after the takeover, bystepping in as interim sporting director.
However, things went south with the heavy spending, and several of his signings were not worth the price.
For the past 18 months, Boehly has scaled his involvement to give Eghbali a leading role. Chelsea’s recruitment, led by Paul Winstanley and Laurence Stewart, has observed Eghbali’s role, especially with transfers. However, Boehly prefers Eghbali to be less active, leading to disagreements over Stamford Bridge’s redevelopment. Additionally, Chelsea believes Clearlake’s sale would bring unnecessary chaos as Clearlake supports head coach Enzo Maresca. Stewart, Winstanley, and the recruitment team also have full backing.
Since Abramovich’s exit, the whole club has been under scrutiny and Chris Jurasek’s departure as chief executive added more fuel to the fire. For now, a new management committee is in place, with Boehly supporting Jason Gannon as chief executive.
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