Chelsea owners Boehly, Eghbali set for boardroom split

Chelsea co-owners Todd Boehly and Behdad Eghbali are heading towards a potential separation after years of growing tensions over the direction of the club.

The relationship between Boehly, who currently serves as chairman, and Eghbali, representing majority owners Clearlake Capital, has reportedly deteriorated significantly since disagreements intensified during the 2024-25 season.

Both camps have continued working together despite their differences, with major decisions at the club requiring agreement from both sides under the existing ownership structure.

Tensions have shaped Chelsea’s ownership

Clearlake owns about 61.85 per cent of BlueCo, the consortium that controls Chelsea, while Boehly and Mark Walter each hold 12.8 per cent through BlueCo22 Holdings. Swiss businessman Hansjörg Wyss owns a smaller stake.

Boehly became chairman when the consortium completed its takeover of Chelsea in 2022, with an agreement that Clearlake would assume the position after five years.

However, differences over the club’s management have increasingly created friction.

One major disagreement centred on Mauricio Pochettino, whose departure at the end of the 2023-24 season was supported by Eghbali and Chelsea’s sporting leadership despite improvements on the previous campaign.

Boehly was understood to have been less enthusiastic about the decision, with his subsequent dinner with Pochettino adding to the uncertainty surrounding the club’s direction.

The disagreements later extended to Chelsea’s recruitment strategy, sporting structure and plans for a new or redeveloped stadium.

Ownership future could be decided next summer

Boehly and Clearlake have held discussions about potentially buying each other’s shares, but no agreement has been reached.

The situation could reach a decisive stage next May when Boehly’s five-year term as chairman expires. Clearlake is then expected to take control of the chairmanship, potentially creating an opportunity for one side to buy out the other.

Clearlake would become the overwhelming shareholder if it acquired the combined 25.6 per cent stake held by Boehly and Walter.

The ownership dispute comes after Chelsea’s spending under BlueCo surpassed £1.5bn, while the club continues to face major decisions over its long-term stadium plans.

A new 60,000-capacity multi-purpose stadium could cost around £5bn, making agreement between the ownership factions increasingly important.

Despite Chelsea’s recent success, including the Conference League, Champions League qualification and Club World Cup triumph, the divisions at board level remain unresolved.