Clearlake Capital is set to take full control of Chelsea Football Club after agreeing to acquire the combined 25% holding of co-owners Todd Boehly and Mark Walter in a transaction valuing the Premier League club at around £5bn including debt, according to a report by the Financial Times.
The US private equity firm, which has been the club’s majority investor since the 2022 takeover, will acquire the stakes alongside existing minority investor Hansjörg Wyss. Boehly will step down as Chelsea chairman once the transaction completes, which is expected by the end of the year.
Boehly and Walter are expected to receive about £950m in cash for their combined interest, according to people familiar with the transaction cited by the Financial Times. Clearlake will fund the acquisition with its own capital and direct investments from co-founders Behdad Eghbali and José E Feliciano, rather than taking on new debt for the purchase.
The transaction brings an end to a prolonged period of disagreement within Chelsea’s ownership group. Clearlake, Boehly, Walter and Wyss acquired the club from Roman Abramovich in 2022, with the consortium paying about £4.25bn for the London side.
Although Clearlake held the majority economic interest, the ownership arrangements gave the consortium’s members joint control. Differences emerged over the club’s strategic direction, including its approach to spending on players and plans for Stamford Bridge, with discussions over a potential buyout continuing for several years.
Walter and Boehly, who previously worked together at Guggenheim Partners, had pursued an aggressive investment strategy at Chelsea following the takeover. The club spent more than £1.5bn on player acquisitions through July 2025, with the strategy focused heavily on younger players signed to lengthy contracts.
Chelsea’s financial results have reflected the scale of investment. The club reported record revenue of £490.9m for the year to June 2025 but also recorded a pre-tax loss of £262.4m, according to the figures cited in the report.
On the pitch, Chelsea’s results have fluctuated since the takeover. The club finished 12th in the Premier League in 2022/23 before rising to sixth the following season and fourth in 2024/25, when it also won the UEFA Conference League and FIFA Club World Cup. Chelsea subsequently finished 10th in the 2025/26 campaign.
