Chelsea co-owners Todd Boehly and Mark Walter are reportedly in discussions to sell their stakes in the Premier League club to majority owners Clearlake Capital, in a deal that could value the club at more than £5 billion.

The talks, first reported by the Financial Times and subsequently reported by talkSPORT, are understood to have been ongoing for some time, with a lack of strategic alignment between Boehly and Clearlake emerging as one of the factors behind the discussions. Blueprint reports

No agreement has been reached, but the negotiations are believed to have gained momentum in recent weeks.

Boehly, Walter could exit

Boehly and Walter are believed to value Chelsea at closer to £5 billion, more than double the £2.3 billion the consortium paid to acquire the club from former owner Roman Abramovich in 2022.

Under the existing ownership structure, Clearlake Capital holds the majority stake, while Boehly, Walter and their partners hold minority interests.

Boehly became Chelsea chairman when the consortium completed the takeover and was expected to occupy the position for four years under an arrangement agreed at the time of the purchase.

He is expected to step down as chairman at the end of the current season, with Clearlake having the right to select his successor.

The possibility of Boehly eventually leaving the ownership group has therefore been discussed for some time.

Strategic differences behind talks

The reported negotiations come amid longstanding differences between Boehly and Clearlake co-founder Behdad Eghbali over the direction of the club.

Boehly’s approach has placed significant emphasis on growing Chelsea’s sporting success, commercial value and global brand while increasing engagement with supporters.

Clearlake, meanwhile, has pursued a broader multi-club model through BlueCo, with French club Strasbourg forming part of the group’s football portfolio.

The different approaches have occasionally resulted in tensions between the two sides.

Those differences became particularly visible in 2024, when reports emerged of disagreements over Chelsea’s transfer strategy and key football decisions.

At the time, Clearlake maintained that the situation had been exaggerated, while sources close to Boehly argued that there were genuine disagreements over the direction of the club.

Boehly was also reported to have considered raising funds to buy out Clearlake’s 61.5 per cent stake in 2024, when Chelsea was valued at around £4.5 billion.

That proposal did not materialise.

Stadium plans remain a major issue

The future of Chelsea’s stadium is another area where the interests of the ownership group have been closely linked to the club’s long-term financial strategy.

Boehly and Walter are understood to favour a major stadium development that would generate additional revenue on matchdays and through non-football events.

A move to Earl’s Court had previously been considered, but plans by the Earls Court Development Company do not currently include a football stadium.

Chelsea could consequently be forced to consider alternatives, including redevelopment of Stamford Bridge, renovation of the existing ground or identifying another location.

The Tottenham Hotspur Stadium, which has successfully hosted NFL games and other major events, is reportedly regarded by Boehly and Walter as an example of how a modern football stadium can generate substantial income beyond matchdays.

Clearlake not actively seeking sale

Despite the reported discussions, Clearlake is not understood to be actively looking to sell its controlling stake in Chelsea.

Sources close to the majority owners have previously indicated that Clearlake’s preference is to retain control of the club or increase its holding if an attractive offer is presented.

That position could complicate any attempt by Boehly and Walter to exit the ownership structure.

However, negotiations between the two sides are reportedly continuing, with the latest valuation placing Chelsea above the £5 billion mark.

Chelsea decline to comment

Neither Chelsea nor Clearlake, Boehly or Walter’s representatives have publicly confirmed the reported negotiations.

Chelsea and representatives of the ownership groups declined to comment when approached over the reports.

Walter’s wider business interests have also recently been the subject of significant developments, with reports that he has agreed to sell his stake in the Los Angeles Lakers in a deal valued at $12.5 billion.

The reported Chelsea discussions therefore come at a significant moment for the club’s ownership structure.

If completed, a deal involving Boehly and Walter would represent another major change in Chelsea’s ownership less than five years after the consortium took over from Abramovich.

For now, however, talks remain ongoing and no agreement has been reached, with Clearlake still controlling the majority stake in the west London club.