Looking back, perhaps this outcome was inevitable. After Russia’s invasion of Ukraine triggered a chain of events that compelled Roman Abramovich to sell Chelsea, several extremely wealthy investors rushed to assemble the necessary financing, creating an unlikely partnership.
Todd Boehly emerged as the leading figure behind the successful offer, persuading American sports investor Mark Walter and Swiss entrepreneur Hansjörg Wyss to participate as minority shareholders with 12.8% each. Clearlake Capital supplied 61.6% of the investment, placing its founders, Behdad Eghbali and José E Feliciano, among the club’s principal decision-makers.
However, once the excitement of overcoming 11 credible competitors in the accelerated sale process managed by the Raine Group had faded, the real challenges began. The new owners had secured Chelsea, but questions remained about how they would manage the club, what strategy they would follow and how they would address a stadium increasingly outdated compared with those of their rivals.
Abramovich may have made overseeing Chelsea appear less complicated than it truly was. Before the sale, the team had remained inside the top five for six consecutive seasons. Across the four campaigns following the takeover, however, its average league finish has been eighth, ranging from fourth at best to 12th at worst. Bringing together wealthy and highly confident individuals with competing views may not have produced the most effective leadership structure.
Prior to the acquisition, the parties agreed that Boehly, acting on behalf of Walter and Wyss, would approve major choices jointly with Eghbali and Feliciano. Boehly and Eghbali subsequently became the most influential figures in Chelsea’s daily operations, while the other investors largely stayed in the background, avoiding much of the supporter criticism and online mockery that accompanied poor results.
Although some insiders describe the connection between Boehly and Eghbali as “professional”, indications of disagreement had surfaced well before reports emerged that Boehly and Walter were prepared to sell their holdings to Clearlake in a transaction valuing Chelsea at approximately £5bn.
Speaking at the Qatar Economic Forum in May 2024, Boehly argued that the project required “patience”. Mauricio Pochettino had recently guided Chelsea to the EFL Cup final and the FA Cup semi-final, while a late recovery from a disappointing opening to the season secured sixth place. Cole Palmer had established himself as a major talent, Reece James had become captain and the team ended the campaign with five straight victories.
Only six days later, Pochettino departed after co-sporting directors Paul Winstanley and Laurence Stewart produced an 18-page assessment of the campaign.
Further evidence of underlying friction, and perhaps an indication of future developments, appeared in Boehly’s Bloomberg interview in March last year. He addressed the limited progress on plans to redevelop the stadium, which had first been announced four years earlier.
“We have to think long term about what we’re trying to accomplish,” Boehly said. “We have a big stadium development opportunity that we have to flesh out. That’s going to be where we’re either aligned or we ultimately decide to go different ways.”
Boehly continued to maintain publicly that the ownership group shared the same objectives. Yet the early stages suggested otherwise: he appointed himself sporting director and led a £250m recruitment drive focused on established footballers, including Raheem Sterling and Pierre-Emerick Aubameyang. Chelsea went on to finish 12th.
Boehly later reduced his involvement as Eghbali assumed a more prominent position. Around 70 interviews were conducted while creating a new football operation, leading to the recruitment of Winstanley and Stewart, who were subsequently elevated to co-sporting directors, as well as Joe Shields, now serving as co-director of recruitment.
The leadership sought to introduce a different approach to club management, concentrating on young signings and exceptionally lengthy contracts. The model has attracted curiosity while also confusing many people within the sport. Supporter dissatisfaction became highly visible in 2024, when stickers portraying the three owners as clowns appeared around Stamford Bridge and the Chelsea Supporters’ Trust called the club “a laughing stock”.
The scale of expenditure has been extraordinary. Chelsea recorded a pre-tax deficit of £262.4m for the year ending June 2025, setting a Premier League record that supporters were unlikely to have anticipated after Boehly said the ownership’s ambition was “to make the fans proud”. The club stayed within domestic spending limits by effectively transferring ownership of its women’s team within the same group. European financial regulations did not allow that transaction to be counted as revenue, however, resulting in a substantial penalty.
There have nevertheless been moments suggesting that the broader project could succeed. Chelsea gained momentum with Enzo Maresca, qualified for the Champions League and won the Club World Cup. That progress made his sudden exit in January particularly frustrating, with the team subsequently falling from Champions League contention to 10th place.
A further rebuild now begins with Xabi Alonso, accompanied by a modified recruitment policy favouring older and more proven footballers. Instability at ownership level remains unresolved. Both groups have previously considered purchasing the other’s shares, but Boehly and Walter now appear to have limited alternatives. Walter, Boehly’s longstanding friend and business associate, is being investigated by the US Department of Justice over alleged tax fraud and is reportedly disposing of assets to repay loans under federal scrutiny. Last week, he unexpectedly sold the Los Angeles Lakers to Josh Kushner and Bob Iger for $12.5bn (£9.2bn), and his Chelsea holding may follow.
A departure would align with the end of Boehly’s five-year spell as Chelsea chair after this season, when a Clearlake representative is expected to replace him. Should the transaction proceed, Eghbali and Feliciano would assume complete control and would carry full responsibility if the club’s fortunes fail to improve.
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