dailynewsnblog
LONDON (AP) — Todd Boehly and fellow co-owner Mark Walter have sold their stakes in Chelsea, handing full control to Clearlake Capital, the English Premier League club said on Wednesday.
American businessman Boehly was the public face of Chelsea’s ownership when the consortium took over in 2022, overseeing a transfer spending spree, while Walter is exiting a second major sports brand after selling the LA Lakers last month.
“Chelsea Football Club today announced affiliates of Clearlake Capital Group will acquire the ownership interest of Todd Boehly,” it said in a statement.
“As part of the transition, Clearlake will also acquire Mark Walter’s ownership interest and therefore acquire full control of the club.”
In 2022, Clearlake and Boehly combined to take over the club from Roman Abramovich when the Russian billionaire was forced to sell the club after being sanctioned by the U.K. for his connection to Russian President Vladimir Putin following Moscow’s full-scale invasion of Ukraine.
Boehly, Walter and Swiss investor Hansjorg Wyss all purchased a 12.8% share alongside the private equity company Clearlake, which had owned 61.5% ahead of Wednesday’s announcement.
Boehly now stands down in his role as Chelsea chairman.
“It has been an honor to serve as chairman of Chelsea Football Club,” Boehly said. “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.”
Behdad Eghbali and José E. Feliciano, co-founders of Clearlake Capital, paid tribute to Boehly in the Chelsea statement.
“Todd has been an important partner throughout our ownership of Chelsea, and we thank him for his time and contribution as chairman,” Eghbali and Feliciano said. “He will always be a part of the Chelsea story and family.
“Clearlake has served as Chelsea’s majority owner since 2022, and as we move to full control our focus is to continue investing in the club’s infrastructure, sporting performance, player development and delivering long-term success for Chelsea and the club’s supporters.”
The statement also said Wyss would “remain an important stakeholder and partner in the ownership group”, and that there would be “no changes to the day-to-day operations, leadership or strategy at the club.”
