‎Clearlake takes full control of Chelsea as Todd Boehly steps down 

‎Todd Boehly and fellow co-owner Mark Walter have sold their stakes in Chelsea in a deal that gives Clearlake Capital full control of the English Premier League club.

‎Private equity firm Clearlake, led by Behdad Eghbali and Jose E. Feliciano, previously owned a 61.5% stake in Chelsea, while U.S. businessmen Walter and Boehly each owned 12.83%. The club said in Wednesday’s announcement that Swiss philanthropist Hansjörg Wyss, who also owned a 12.83% stake, will remain a partner in the ownership group.

‎The consortium bought Chelsea for £2.5 billion ($3.3 billion) in 2022 with a further £1.75 billion ($2.3 billion) committed to investment in the club.

Todd Boehly has decided to sell his stake at Chelsea . (Photo by Vince Mignott/MB Media/Getty Images)

‎According to the Financial Times, Walter and Boehly will receive £950 million ($1.3 billion) for their combined stake in a deal that values the club at £5 billion ($6.7 billion) including debt.

‎Chelsea released a statement saying Boehly had shown “unwavering commitment” to the ownership group’s belief that the supporters are at the heart of the club.

‎”It has been an honour to serve as Chairman of Chelsea Football Club,” Boehly said in a Chelsea 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.”

‎The relationship between Clearlake and other investors, specifically Boehly, deteriorated over recent years with each looking to buy the other out in 2024.

‎Walter last month completed the sudden sale of the Los Angeles Lakers to venture capitalist Joshua Kushner and former Disney CEO Bob Iger at a $12.5 billion valuation.

‎Despite the changes in ownership, Chelsea said there will be no changes to day-to-day operations, leadership or strategy at the club.