Todd Boehly quits Chelsea selling ownership stake

Dubai: Chelsea chairman Todd Boehly is set to step down after agreeing to sell his stake in the club to fellow owners Clearlake Capital.

The Premier League club confirmed the change on Wednesday, announcing that the US private equity group would take full control of Chelsea.

In a statement, Boehly, who became a part-owner of the London club in 2022, described his time as chairman as an “honour” and thanked Chelsea’s coaches, players, leadership, staff and supporters for their contributions.

He added: "I have valued my partnership with Clearlake and the wider ownership group, and the collective decisions and investment we have made to support the immediate and long-term success of the club. I am confident that Chelsea is well positioned for continued success under Clearlake's leadership."

Mark Walter, another co-owner of Chelsea, has also agreed to sell his stake to Clearlake Capital. The move comes shortly after Walter sold his NBA franchise, the Los Angeles Lakers, in a record $12.5 billion (£9.25bn) deal last month.

Boehly, Walter and Swiss billionaire Hansjörg Wyss each held a 12.8% stake in Chelsea following their takeover of the club four years ago. Chelsea said Wyss will remain an “important stakeholder and partner” in the ownership group, while Clearlake previously held a 61.5% share as part of the original deal.

Chelsea, who appointed Xabi Alonso as head coach this summer, said the change in ownership would not affect the club’s day-to-day operations, leadership or overall strategy.