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Boehly and Clearlake plot buyouts in civil war
The Guardian
|September 10, 2024
Chelsea's civil war has led Clearlake Capital, the US private equity firm that owns a majority shareholding in the club, to consider buying out Todd Boehly or striking a deal with the billionaire that would keep him in little more than a ceremonial role.
The atmosphere in the club boardroom has deteriorated since the weekend and Boehly, who wants the situation resolved as soon as possible, is confident he has investors ready to provide the £2.5bn that could allow him to buy Clearlake's 61.5% stake.
Clearlake, owned by Behdad Eghbali and José E Feliciano, is believed to be sceptical about the likelihood of Boehly making a suitable offer and is adamant it has no plans to sell. Its view is Boehly should sell up or accept changes to the club's governance that would remove him from the board and strip him of any say over decisions in exchange for economic concessions. It feels Boehly should consider stepping down as chairman.
Under current rules the American will be replaced as chairman by a Clearlake nominee in 2027. The suggestion of an immediate change was deemed a nonstarter by the Boehly side.
This story is from the September 10, 2024 edition of The Guardian.
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