What Todd Boehly, Mark Walter’s Potential Chelsea Exit Means for the Blues

The U.S. investigation into Chelsea co-owner Mark Walter now appears destined to lead to a major shift in the boardroom at Stamford Bridge.

Walter, who owns a 12.8% stake in the Blues, was recently revealed to be open to selling his shares following the opening of an investigation into a number of his financial dealings, which also sparked the world-record sale of the Los Angeles Lakers for $12.5 billion.

The fallout of that, in isolation, did not appear to be particularly significant for Chelsea, but now the Financial Times has revealed that Walter is not the only shareholder negotiating an exit as Todd Boehly, the long-time face of the consortium, is also prepared to sell his own 12.8% share.

Boehly and Walter, business partners in other ventures as well as Chelsea, are both believed to be in discussions with majority shareholders, Clearlake Capital, over selling their stakes in the club and walking away after a turbulent four years as part of the BlueCo group.

Why Are Boehly, Walter Looking to Sell Chelsea Shares?

Todd Boehly — Boehly led the consortium in the public eye. | Vianney Le Caer/Getty Images

While Walter’s potential exit appears to be linked to the investigation into his dealings, news of Boehly’s willingness to depart comes as a surprise.

It was Boehly who led the move to buy Chelsea from Roman Abramovich four years ago, recruiting the financial support of Clearlake Capital in order to meet the asking price. As a result, he has often taken the brunt of the criticism for the group despite not controlling a majority share in Chelsea.

Boehly, who operates as Chelsea’s chairman, is due to leave the role in 2027 as part of a longstanding agreement with Clearlake Capital which is understood to see the chairman position switch between the two parties every five years.

Amid Chelsea’s public struggles on the pitch, there have long been reports of tensions behind the scenes between Chelsea and Clearlake Capital chiefs Behdad Eghbali and José E. Feliciano—stories which the club have firmly rejected. The direction of the team, managerial decisions and discussions over the future of Stamford Bridge are just some of the topics believed to have divided the two parties.

There have also been claims that both Boehly and Clearlake Capital would be prepared to buy the other out of their positions but, with Clearlake owning 61.54% of the club, it always seemed most likely that Boehly would be the one to sell.

What Does This Mean for Chelsea?

Behdad Eghbali is the primary figure running Chelsea. | Mike Egerton/PA Images/Getty Images

The departures of Boehly and Walter, assuming they sell their shares to Clearlake, would leave Hansjörg Wyss as the only other co-owner. Wyss, who turns 91 in January, also owns the same 12.8% share as the other two minority owners.

Given Clearlake already operates as the majority shareholder, the group’s potential acquisition of more shares would not have a significant impact on Chelsea’s day-to-day operations, although it would leave the door open to something drastic further down the line.

As part of the current agreement, Boehly is understood to hold the option to veto any decisions proposed by Clearlake. It is not clear whether he has ever used his veto or whether Wyss holds the same sort of influence.

Clearlake co-founder Eghbali has been increasingly involved in running Chelsea over the years after the first 12 months were largely influenced by Boehly, who operated as an interim sporting director during the 2022 summer transfer window before the drastic change in transfer approach.

Any exit for Boehly and Walter would leave Clearlake free to continue running Chelsea as it sees fit, without needing to offer a plan that also satisfies the other shareholders.

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