Clearlake Capital, the majority owner of Chelsea, is in the midst of a potential buyout bid by Todd Boehly, leading to intense negotiations and speculation within the club’s boardroom. Chelsea’s civil war has escalated as Clearlake considers purchasing Boehly’s stake or reaching a compromise to limit his influence within the club.

Boehly is determined to resolve the situation quickly and has expressed confidence in his ability to secure £2.5bn from investors to acquire Clearlake’s 61.5% shareholding. However, Clearlake, led by Behdad Eghbali and José E Feliciano, remains firm in its stance that it has no intentions to sell the team.

The private equity firm suggests that Boehly should either divest his shares or accept changes to the club’s governance that would diminish his authority on decision-making processes. Clearlake is adamant that Boehly should step down as chairman, with plans for a Clearlake nominee to take over the role in 2027. Immediate changes to leadership proposed by Boehly were swiftly rejected by Clearlake.

One of Clearlake’s primary objectives is to retain full control over governance without interference from minority shareholders. Any sale of shares or external investments would require approval from all key stakeholders, including Boehly. The notion of Boehly relinquishing his power, especially considering his significant personal investment in the club, appears unlikely according to sources familiar with the negotiations.

The future of Chelsea’s ownership structure remains uncertain as tensions between Clearlake and Boehly continue to mount. The prospect of a buyout or compromise deal looms large over the club’s boardroom, with both parties standing their ground on their respective positions.