Todd Boehly has left Chelsea after selling his ownership stake, with Clearlake Capital now holding full control of the club. Mark Walter also sold his stake as part of the ownership change. Hansjörg Wyss remains a stakeholder and partner in the ownership group. Chelsea said Boehly has also left his position as chairman.
Clearlake was already Chelsea’s majority owner and a major force in the club’s direction before the latest deal. The US private equity firm previously held 61.5% of the club. This split between ownership groups has been developing over time, with tensions surfacing around two years ago. There were signs that Boehly had lost confidence in his working relationship with Clearlake Capital. Boehly had hoped to resolve the situation, but Clearlake responded by considering a buyout of his stake. Despite no immediate move from either side, a temporary agreement was reached and Clearlake continued its path forward.
Behdad Eghbali has become a key figure in shaping the club’s direction, according to The Guardian. José E Feliciano has taken a more behind-the-scenes role, recently investing in MLB's San Diego Padres. Feliciano and his wife Kwanza Jones led a group that agreed earlier this year to acquire a majority stake in the Padres.
At one time, Boehly was the public face of the takeover effort. He took on an interim role as sporting director after key staff left following Roman Abramovich’s departure. What seemed simple at first turned out to be a difficult challenge for Boehly. His actions brought attention, but also criticism for the club’s poor transfer decisions.
The Guardian reported that Chelsea spent about £300 million during that period on a group of signings that largely failed to work out as planned. The signing of Raheem Sterling became one of the deals used by critics to question the club's early transfer strategy. Sterling arrived on a large contract but eventually fell out of Chelsea's plans.
Boehly later explained that he signed Marc Cucurella because he heard Manchester City was interested in the player. The Guardian described Boehly as having been burned by some of his early decisions in the transfer market. Boehly became a figure of mockery after making public comments that questioned the lack of an All-Star game in the Premier League. He also drew criticism in 2023 after predicting Chelsea would beat Real Madrid 3-0 before a Champions League quarterfinal.
Chelsea has only qualified for the Champions League once during Boehly’s time as part of the ownership group. That qualification came for the 2025-26 competition. UEFA records show Chelsea are not in the Champions League for the 2026-27 season.
It is said that Boehly had never intended to stay deeply involved in club affairs. Chelsea’s strategy has shifted significantly since the early days of the transfer window. The club went from having one interim sporting director to appointing five permanent ones. Paul Winstanley, Laurence Stewart, Sam Jewell, Joe Shields, and Dave Fallows are among those who have taken on leadership roles. The club has also moved toward signing younger players on long and heavily incentive-based contracts.
Eghbali has been the main driver behind the club’s vision under this new structure. The journey has not always been smooth, with managers changing frequently. Clearlake sources say they have learned from past mistakes and last summer’s transfer activity was more strategic. The Guardian reported that Chelsea changed course by adding more established players and appointing Xabi Alonso as manager.
Boehly has now completely withdrawn from Chelsea after selling his stake and leaving as chairman. Talk of Boehly being bought out resurfaced during the summer just passed. The trigger may have been Walter’s plans to sell off assets in the United States due to financial issues. Both Boehly and Walter reportedly made modest profits on their investment in Chelsea. Reuters reported that the transaction involving their shares was worth about £950 million and valued Chelsea at roughly £5 billion.
Jonathan Goldstein, a close ally of Boehly, has also left the board. Despite these changes, the core operations and leadership structure remain largely unchanged. Chelsea said there would be no changes to the club's day-to-day operations, leadership or strategy as a result of the ownership transition.
The most pressing issue remains the future of Chelsea’s stadium. In September 2024, The Guardian reported that the club was considering leaving Stamford Bridge for a site at Earls Court. However, the development proposal for Earls Court has not advanced since it received planning permission, according to The Guardian. Chelsea has not ruled out redeveloping Stamford Bridge instead.
Whatever happens with the stadium will occur without Boehly’s direct involvement. Clearlake and its founders Eghbali and Feliciano now have full control over Chelsea’s direction. The club said it plans to continue investing in infrastructure, sporting performance and player development.