What’s Next for Chelsea After Todd Boehly Departure?

Chelsea have confirmed that majority shareholders Clearlake Capital have acquired the shares previously owned by Todd Boehly and Mark Walter to take “full control” of the club.

It emerged last month that the two partners were in talks over selling their shares in the aftermath of serious financial allegations against Walter, a long-time partner of Boehly in other ventures.

That sale has now gone through, with The Times reporting Clearlake have parted with close to £1 billion ($1.3 billion) to buy Boehly and Walter out of their shares.

“It has been an honor to serve as Chairman of Chelsea Football Club,” Boehly said in a statement. “I would like to thank the many who helped secure a bright future for the Club, including the English Premier League, the coaches and players, the talented leadership and staff at Chelsea, and the legions of dedicated fans.

“I have valued my partnership with Clearlake and the wider ownership group, and the collective decisions and investment we have made to support the immediate and long-term success of the Club. I am confident that Chelsea is well positioned for continued success under Clearlake’s leadership.”

Clearlake co-founders Behdad Eghbali and José E. Feliciano added: “Todd has been an important partner throughout our ownership of Chelsea, and we thank him for his time and contribution as Chairman. He will always be a part of the Chelsea story and family.

“Clearlake has served as Chelsea’s majority owner since 2022, and as we move to full control our focus is to continue investing in the Club’s infrastructure, sporting performance, player development and delivering long-term success for Chelsea and the Club’s supporters.”

Why Have Boehly, Walter Left Chelsea?

Todd Boehly, Mark Walter — Mark Walter (right) has also left Chelsea. | Robbie Jay Barratt - AMA/Getty Images

There are two separate issues which are understood to have led Chelsea’s ownership group to this point.

Firstly, the investigation into financial misdealings against Walter saw the billionaire cash in on a number of his investments. He oversaw the world-record sale of the Los Angeles Lakers for $12.5 billion and has now unloaded his 12.8% stake in Chelsea.

As for Boehly, there have long been reports of disagreements between Clearlake and the man who had operated at the face of the ownership group since their arrival in 2022. Those in charge have repeatedly denied the stories.

It would appear as though the timing of Walter’s exit led Boehly into talks over his own departure. Boehly is facing no allegations in relation to any of the accusations against Walter.

Will Anything Change at Chelsea?

Behdad Eghbali and Clearlake Capital are in full control. | Adam Davy/PA Images/Getty Images

In short, no.

Boehly has departed as chairman and is not expected to be replaced, with Clearlake now possessing the ability to make all decisions immediately instead of putting things to a vote in the boardroom, where the parties have previously disagreed on major issues.

Among the major topics previously dividing the group was the future of Chelsea’s stadium, Stamford Bridge. While there was an agreement that the Blues need to find a bigger home, Boehly and Clearlake were divided over the specifics of the plan.

When it comes to issues on the field, Boehly’s exit is unlikely to change much. Chelsea, under Clearlake, are expected to continue their recruitment model, with the tweaks made this summer seeing more experience added to a young, high-potential core.

Manager Xabi Alonso is understood to maintain the full support of Clearlake, who confirmed there would be “no changes to the day-to-day operations, leadership or strategy at the club.”

Todd Boehly’s Legacy at Chelsea

As the front man of the consortium that purchased Chelsea in 2022, Boehly often occupied the spotlight for any and all issues at Stamford Bridge, despite holding just 12.8% of the club’s shares.

He led into that role during his first season at the helm, appointing himself the interim sporting director while Chelsea oversaw a drastic reshuffle behind the scenes. He made Raheem Sterling the first acquisition of the new era and spent heavily to add the likes of Kalidou Koulibaly, Wesley Fofana and Marc Cucurella—Boehly has admitted his interest in the latter stemmed almost exclusively from Pep Guardiola’s desire to sign him for Manchester City instead.

That summer window, which also saw striker Pierre-Emerick Aubameyang and youngsters Cesare Casadei and Carney Chukwuemeka join the club, may not have aged well in hindsight, but it would not take long for fans to start calling for the high-profile signings to return.

Proposing a “North vs. South All-Star Game” did not sit well with an English audience, and neither did his regular visits to the locker room after matches. Clearlake chief Behdad Eghbali is also known to show his face regularly.

Eghbali and Clearlake’s influence began to grow after that first summer in charge, but the focus on Boehly often remained. As Chelsea switched to a drastically different recruitment model that went against Boehly’s willingness to hand big wages to senior stars, he still shouldered most of the public blame because of his role as the face of the group.

Boehly leaves Chelsea with a mixed reputation, but it must be said that many fans grew supportive of him during the last few years as the BlueCo project soured under Clearlake’s controlling influence. Many in the stands at Stamford Bridge may well have better memories of Boehly than those that have focused solely on the headlines.

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