Todd Boehly and Mark Walter are in talks to sell their shares in Chelsea to Clearlake Capital.
Buyout talks between the parties have been explored at various times in the two years since The Athletic detailed a breakdown in relations between Boehly and Clearlake, who partnered in the BlueCo consortium which purchased Chelsea for £2.3billion from the sanctioned Roman Abramovich in June 2022.
According to multiple sources who spoke on the condition of anonymity to protect relationships, those discussions have resumed with a view to Boehly and Walter selling their personal 12.8 per cent shareholdings to Clearlake, who are majority shareholders with a 61.5 per cent stake.
Last week, just 14 months after buying a majority interest in the Los Angeles Lakers for $10billion, Walter unexpectedly sold the team to Josh Kushner and Bob Iger at a record $12.5billion valuation, against the backdrop of a United States Department of Justice investigation into his business dealings.
Federal investigators are investigating insurance companies Walter owns. Walter did not respond to messages seeking comment for a story into the probe published by The Athletic on Monday, and federal officials at the agencies conducting the probe declined to comment.
No sale of his or Boehly’s stake in Chelsea is believed to be imminent.
Despite sharing joint control and equal governance of Chelsea with Boehly in BlueCo’s ownership agreement, it is Clearlake who exercise functional operational control over Chelsea with co-founder Behdad Eghbali actively involved in day-to-day decision-making.
Sources close to the U.S. private equity firm have always insisted they had no interest in selling to Boehly or Walter, and were more likely to increase its shareholding than walk away.
Boehly’s four-year term as Chelsea chairman is set to end in the summer of 2027, and Clearlake reserve the right to choose his successor.
