Former Chelsea owners Boehly and Walter sell holdings to Clearlake

Former Chelsea owners Boehly and Walter sell holdings to Clearlake LONDON, Sept 17 : Chelsea confirmed on Wednesday that Clearlake Capital Group will be buying out the minority interests of co-owners Todd Boehly and Mark Walter and taking full control of the English Premier League club. American Boehly will stand down as chairman of the west London club after the widely anticipated deal, which media reports suggest would be worth around £950 million ($1.27 billion). Clearlake, which was co-founded by Behdad Eghbali and Jose E. Feliciano, has teamed up with a third minority owner, Swiss billionaire Hansjorg Wyss, to purchase the stakes, which amount to around a quarter of the club. "Clearlake intends to continue building on the strategic course the club is now on and realising the ambition that the ownership group has developed together," Chelsea said in a statement. "There will be no changes to the day-to-day operations, leadership or strategy at the club." Boehly, Walter, Wyss and Clearlake bought Chelsea in May 2022 from the previous owner, Russian billionaire Roman Abramovich, in a deal reported by British media to be worth £4.25 billion. Boehly, who is also the co-owner of the Los Angeles Dodgers baseball team, said it had been an honour to serve as club chairman. "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," he said in the statement. "I am confident that Chelsea is well positioned for continued success under Clearlake's leadership." Chelsea are currently sixth in the Premier League after two wins, a draw and a loss to start the new season. ($1 = 0.7476 pounds)