By Samuel A. September 8, 2024
Chelsea Football Club’s top owners are reportedly brewing a “civil war”, according to multiple reports on the Premier League club. Reports emerged in the United States on September 6 that Todd Boehly and Behdad Eghbali [managing partner of Clearlake Capital] have seen their relationship sour to the point that the pair are exploring their options regarding the ownership of the Stamford Bridge outfit. Reports state that Boehly believes his working relationship with Chelsea co-owners Clearlake Capital is at breaking point and that a resolution must be found to avoid a civil war at Stamford Bridge. The report also intimates that Boehly believes he can generate sufficient capital to launch a takeover bid for majority control of the club.
Boehly, a U.S. businessman whose wealth is valued at $8.5 billion, acquired Chelsea in a takeover in May 2022 as part of an ownership group that includes Clearlake Capital, a company co-founded by Iranian-American billionaire Behdad Eghbali. American businessman Mark Walter and Swiss billionaire Hansjorg Wyss are also part of the ownership collective.
The associates purchased the club after previous owner, Russian oligarch Roman Abramovich, had been forced to sell following sanctions by the UK government in response to Russia’s invasion of Ukraine.
The Blues have spent well over £1 billion on players in the two years following the takeover, while they have overseen three changes of permanent first-team manager role, yet results on the pitch have been below par. They finished sixth last season in the Premier League, having come 12th in 2022/23.
It is thought that the club’s uncertain direction amid this level of investment is part of the reason behind the divide between the owners. The reports from the U.S. said both Boehly and Clearlake are exploring whether they can buy out the other party due to their working relationship effectively becoming untenable. Boehly believes he can raise the necessary capital — around £2.5 billion ($3.3 billion) — to buy out Clearlake’s shares, but that Eghbali’s group is not prepared to sell.
