Online Reporter
Blues chairman Todd Boehly and fellow billionaire Mark Walter are open to selling their minority stakes, with the latter’s financial affairs being probed by US authorities.
But SunSport can reveal the much-delayed project to build a new home is a key factor driving Boehly and majority shareholders Clearlake Capital towards a break-up of their BlueCo consortium.
We understand Clearlake, who own 61.85 per cent, and Boehly are not seeing eye to eye on the long-term future of the club and believe something finally has to give in their power struggle.
A new home to replace the ageing Stamford Bridge and generate greater revenue is central to the BlueCo’s dreams of sustainable success, on and off the pitch.
Boehly and Behdad Eghbali, co-founder of Clearlake, agree the Blues almost certainly need to move to a purpose-built venue away from Stamford Bridge.
But their visions for that multi-use complex, whether at Earls Court or elsewhere, are different.
More significantly, neither side is willing to put up their share of the likely construction costs of £5billion while the other camp retains influence over the project and the overall direction of the club.
Boehly and Walter, friends and business partners for a number of years, each control 12.8 per cent of BlueCo through a shared holding company, with Swiss businessman Hansjorg Wyss having a smaller stake.
Eghbali has been the dominant figure at Chelsea on a day-to-day basis since early 2023.
But Boehly’s camp, like Clearlake, have a right of veto over major decisions, including transfers and longer-term projects like the stadium.
Boehly will retain that power even when his five-year term as chairman expires at the end of the season and Clearlake take control of the post.
The two sides have been in talks about buying each other out for two years and are said to have maintained a professional relationship.
But the US probe into Walter, in which he denies all wrongdoing, has helped bring things to a head. His likely exit from Chelsea would cause a shake-up on its own.
The imminent end of Boehly’s chairmanship also creates a neat timeline for change.
Nevertheless, a deal will be hard to strike as both sides argue over what shares in BlueCo, owners of Chelsea and sister club Strasbourg, are now worth.
In addition to the £2.5billion cost of buying out Roman Abramovich in 2022, BlueCo pledged to spend a further £1.75billion on the team, infrastructure and the women’s side.
Neither Boehly’s group nor Clearlake appear willing to commit more money to major projects like a new stadium until they have full control over how it is spent.
So while manager Xabi Alonso leads a new era on the pitch this season, Chelsea face months of intrigue off it. – Sun
