Trouble is brewing at the Bridge. The working relationship between Chelsea co-owners Todd Boehly and Clearlake Capital is said to have reached a breaking point and the club is on the brink of a boardroom ‘civil war’. The whole thing can adversely affect the five-time Premier League champions on and off the pitch. Here’s how things have been panning out…
What is Chelsea’s ownership structure?
Boehly and Clearlake Capital took the ownership of the club in the summer of 2022, when Roman Abramovich had to sell, following Russia’s invasion of Ukraine. Clearlake own 61.5 per cent stake at the club, while the remaining 38.5 per cent is equally divided between Boehly, Hansjorg Wyss and Mark Walter.
What exactly is the problem now?
According to The Telegraph (London), “a cultural divide has opened up” between Boehly and Clearlake frontman Behdad Eghbali, and the situation is reported to be untenable.
What do the co-owners want to do?
The co-owners reportedly want to buy each other out. According to a report in The Telegraph, Boehly believes that he can quickly raise £2.5 billion to make an offer to Clearlake. It would reportedly bring about a profit of their initial investment. Boehly is said to have a 20-30 year vision for the club and the backing of investors. Clearlake, too, view their investment as a long-term commitment to the club and want to increase their stake. Boehly is currently the club chairman, but there’s an agreement to pass the chairmanship every five years. Clearlake can nominate their own representative to take the post in 2027.
Is the feud affecting the football side?
Big time. Over the last two years, Stamford Bridge has become a place for the managerial merry-go-round. Thomas Tuchel was in charge when the new owners came. Soon, there was a fallout and Graham Potter was appointed as the new manager. The team’s performance under the Englishman was underwhelming and in April 2023, Potter was sacked and Frank Lampard was given the job until the end of the season. Then, Mauricio Pochettino was appointed in June 2023 but the Argentine was handed a P45 despite the Blues finishing sixth in the Premier League table last term. Enzo Maresca is the new manager and he has started with a defeat and a draw in his first three league games.
Were the co-owners on the same page in terms of sacking the managers?
Some reports suggest, Boehly backed Pochettino and didn’t want to part ways with him. The latter actually fell prey to the club’s internal power struggle.
What about the squad?
The new owners have invested more than £1 billion in player signings over the last two years. But an assortment of seriously talented players notwithstanding, Chelsea have been struggling to cope with a bloated squad.