Chelsea could be heading for another major change behind the scenes, with growing speculation that Todd Boehly and Mark Walter may be prepared to sell their respective stakes in the club to Clearlake Capital. Clearlake currently controls 61.5% of Chelsea, while Boehly, Walter and Swiss investor Hansjörg Wyss each hold 12.83%. The possibility of a further shift in ownership has emerged after tensions between Clearlake and the other investors reportedly increased in recent years.

The consortium acquired Chelsea for £2.5 billion in 2022 following the sanctions placed on former owner Roman Abramovich, with a further £1.75 billion committed to investment in the club. Boehly and Walter are now believed to value Chelsea at roughly twice the amount originally paid, meaning any potential sale could generate a substantial return. Clearlake has previously shown an interest in increasing its ownership if an opportunity becomes available, although none of the parties involved have publicly confirmed negotiations or discussed a valuation.

The situation also comes shortly after Walter completed the sale of his stake in the Los Angeles Lakers for a reported $12.5 billion valuation. The transaction occurred while Walter faces a federal investigation connected to insurance businesses under his control and allegations concerning the movement of loans between related ventures. No charges had been filed as of mid-August, and there has been no indication that the Lakers sale is connected to the investigation.

Chelsea’s power structure has already changed significantly since the takeover. Boehly initially became the public face of the new ownership group and briefly assumed an active role in the club’s sporting operations, but Clearlake has gradually established greater influence. Behdad Eghbali has emerged as the leading figure within the ownership structure, and a potential purchase of Boehly and Walter’s shares would further strengthen Clearlake’s control over one of English football’s biggest clubs.