Todd Boehly’s spell at Chelsea is reportedly close to ending, with the American billionaire preparing to sell his minority holding in the Premier League club. After a turbulent period marked by huge spending and tensions behind the scenes, Clearlake Capital now appears set to take complete control of the Blues.

Clearlake are moving closer to a full takeover.

Boehly and Mark Walter are reportedly nearing an exit from Chelsea. Discussions have gathered pace in recent weeks, with majority owners Clearlake Capital positioned to purchase the minority stakes held by the two Americans.

Clearlake, fronted by Behdad Eghbali and Jose E. Feliciano, currently owns 61.5 per cent of Chelsea. The other 38.5 per cent is divided equally among Boehly, Walter and Swiss billionaire Hansjorg Wyss. If the internal deal goes through, the investment group would gain almost complete control over the west London side.

The BlueCo consortium bought Chelsea from Roman Abramovich in May 2022 for £2.5 billion and also committed a further £1.75bn in investment. But friction has reportedly been building in the background, with Boehly and Eghbali said to have disagreed over the club’s sporting direction as well as a possible redevelopment of Stamford Bridge.

Walter confirms profitable exit plan.

Although earlier talks were reportedly held up by valuation differences, Walter is now in line to make a profit on his original investment. A spokesperson for the 66-year-old told Bloomberg that a deal is moving closer.

“This potential transaction values Mark Walter’s stake in Chelsea Football Club at a premium to his initial investment and is another successful sports investment for him,” the spokesperson said. “After this exit, Mr. Walter intends to make future sports-related investments.”

The spokesperson also made it clear that the American businessman was not the one who initiated the expected sale. “Walter did not initiate the proposed transaction to sell his interest, which has been in the works for quite some time,” the statement added.

The ownership split appears to have reached breaking point.

Boehly was the public face of the 2022 takeover and has served as club chairman. However, Eghbali has emerged as the most actively involved figure in the boardroom, regularly working with the sporting directors and attending both home and away matches.

Reports of a power struggle between the co-owners have been circulating for the past two years. An existing governance clause had already been set to remove Boehly from the chairmanship next May and hand the role to a Clearlake representative, but the proposed sale would end his connection with Stamford Bridge altogether.

It is still not known whether Wyss will follow Boehly and Walter in selling his stake. For Walter, the development fits into a wider sports-related exit strategy, after he recently agreed to sell his share in the Los Angeles Lakers.

Alonso seeks calm before Hull City test.

Away from the ownership uncertainty, head coach Xabi Alonso will be looking for steadiness on the pitch. Chelsea have made an encouraging start to the Premier League season and sit fourth after winning two of their first three matches, while an entertaining 6-3 Carabao Cup win over Leeds highlighted the threat of their revamped attack.

Chelsea’s next match is against newly-promoted Hull City. After spending £349 million during the summer to rebuild the squad, Alonso will need to make sure his players stay concentrated on results and are not distracted by the ownership changes unfolding above them.