Todd Boehly and Mark Walter are reportedly in talks to sell their minority stakes in Chelsea to majority owner Clearlake Capital, in a deal that could value the club at more than £5 billion. The Financial Times was first to report the discussions.
With Sky Sports, The Telegraph and Forbes subsequently reporting similar details. None of the parties involved has commented publicly, and there is currently no agreement in place.
Why Boehly and Walter Are Considering Selling Their Chelsea Stakes
Boehly and Walter each own a 12.8 per cent stake in Chelsea, while Clearlake Capital holds a 61.5 per cent share. Swiss businessman Hansjorg Wyss owns the remaining 12.8 per cent. There have been no reports suggesting Wyss is involved in the current talks.
Despite holding a smaller stake, Boehly and Walter's side of the ownership group has shared equal governance rights with Clearlake since the 2022 takeover. As a result, Clearlake would be the most likely buyer if Boehly and Walter decide to sell their stakes.
Boehly and Clearlake co-founder Behdad Eghbali have clashed over the club's strategy for years, including plans to redevelop Chelsea's stadium. Boehly previously described the project as a point where the ownership group would either reach an agreement or “decide to go different ways.”
Walter's position has changed more quickly. He agreed to sell his stake in the Los Angeles Lakers for $12.5 billion to a group led by Bob Iger and Joshua Kushner, less than a year after buying into the NBA franchise.
US prosecutors and the Securities and Exchange Commission are also investigating whether insurance companies he controls funnelled loans to related firms without disclosing those links. No charges have been filed.
Forbes estimates Walter's net worth at $7.8 billion, while Boehly is worth around $9.3 billion. Walter's fortune has increased by about $3 billion since he joined Chelsea's ownership group in 2022.
How a Deal Would Change Chelsea's Ownership Structure
According to The Telegraph, Boehly and Walter now value the club at more than £5 billion which is significantly higher than the £4.25 billion their consortium paid to buy Chelsea from Roman Abramovich.
The purchase was split into £2.5 billion for the shares and £1.75 billion in committed investment. Abramovich said the proceeds from the share sale, which were held in a frozen UK account, would go towards charitable causes once the British government approved their release.
No agreed sale price has emerged from the current talks. The £5 billion figure reflects Boehly and Walter's own valuation of their stakes, not a number Clearlake has accepted.
A completed deal would end the joint-governance structure that has defined Chelsea since 2022 and give Clearlake close to full control of the club's decision-making.
What the Talks Could Mean for Todd Boehly's Chelsea Role
Boehly became Chelsea chairman when the takeover was completed and was due to hold the role for four years. He is currently scheduled to step down at the end of the 2026-27 season, when Clearlake will have the right to name his successor.
But it is not yet clear whether a sale would bring that timeline forward. Chelsea appointed Xabi Alonso as head coach after Enzo Maresca left for Manchester City following a settlement between the two clubs.
Chelsea won the FIFA Club World Cup and UEFA Europa Conference League last season.
The talks come after a separate deal saw a group led by Jeff Bezos acquire a minority stake in Liverpool, valuing the club at around $7.4 billion. There is currently no indication of when the Chelsea talks will be concluded.
