Chelsea’s internal power struggle has reached the highest echelons of the club’s hierarchy, as co-owners Todd Boehly and Behdad Eghbali grapple for control of the Premier League giants. Locked in a high-stakes standoff, neither party is willing to relinquish their stake, exposing a deep rift that threatens to derail Chelsea’s already turbulent rebuild.
Todd Boehly, who initially appeared as the public face of Chelsea’s new ownership, is often seen as the primary decision-maker due to his vocal and visible presence during the takeover. His proposals, like a Premier League all-star game, and his stint as interim sporting director, paint him as impulsive, emblematic of an owner struggling to grasp the complexities of English football. However, Boehly holds only a 12.8% stake, equal to his allies Mark Walter and Hansjorg Wyss, limiting his influence. The real power lies with Clearlake Capital, co-founded by Behdad Eghbali and Jose E. Feliciano, which controls a 61.5% stake. Eghbali, not Boehly, has been the key architect behind Chelsea’s recent decisions, steering from the boardroom with a more discreet but decisive hand.
Clearlake’s approach emphasizes patience and a long-term vision, contrasting with Boehly’s initial aggressive spending. Under Eghbali’s direction since taking over day-to-day operations in 2023, Chelsea has pursued a more strategic transfer approach, including record signings of Mykhailo Mudryk and Enzo Fernandez. The simmering tensions between Boehly and Eghbali became more pronounced after Chelsea’s dismal 12th-place finish in the 2022-23 season. Boehly’s frustration was evident when he confronted the team after a loss to Brighton, signaling a shift in power dynamics with Boehly stepping back and Eghbali asserting more control.
The departure of manager Mauricio Pochettino in May 2024, following a swift review by Eghbali, further highlighted the divide. Boehly, who had advocated for stability, found himself at odds with the decision, underscoring the growing chasm between the co-owners. The rift isn’t just about personalities; it’s a fundamental clash over Chelsea’s direction. Boehly’s camp criticizes Eghbali’s extensive involvement, while Clearlake insists on aligning investments with broader business goals.
This discord has broader implications, stalling projects like the Stamford Bridge redevelopment and complicating sponsorship deals. With both Boehly and Clearlake holding veto power, the resolution to this power struggle remains uncertain. As Chelsea heads into the 2024-25 season under new manager Enzo Maresca, the club stands at a crossroads. Success on the pitch could ease tensions and stabilize leadership, but continued failures might intensify calls for a definitive leadership change.
