A Game of Thrones Power Struggle: Chelsea’s Ownership Rift Revealed
Chelsea Football Club is currently embroiled in a power struggle between its two owners, Todd Boehly and Behdad Eghbali. This situation, likened to the popular TV show Game of Thrones, has recently come to light and sheds new light on the inner workings of the club.
Todd Boehly, often mistakenly seen as the main decision-maker due to his public-facing role during the club’s takeover, is actually a minority investor with a 12.8% stake. On the other hand, Behdad Eghbali, co-founder of private equity firm Clearlake, holds a majority 61.5% stake and wields significant influence over the club. While Boehly has expressed a desire to buy out Clearlake’s stake, Eghbali and his fellow co-founder, Jose E Feliciano, are adamant that they do not want to sell and instead seek to increase their stake.
The rift between the two owners has been brewing for some time but has now become more apparent. This situation raises questions about how this ownership dispute, which has seen an investment of £2.5bn in the club and an additional £1.75bn in spending, will be resolved.
The tensions between Boehly and Clearlake were evident in the appointment of managers. When Thomas Tuchel was sacked and replaced by Graham Potter in 2022, it was Boehly who led the decision-making process. However, when Boehly stepped down as sporting director in 2023, Eghbali began to gain more control. Mauricio Pochettino’s departure from the club in 2024 further highlighted the divide, with Eghbali and the sporting directors pushing for his exit due to a lack of shared vision.
The co-ownership of Chelsea, which was formed to circumvent the sanctions imposed on former owner Roman Abramovich, has resulted in a fractured ownership structure. While the club has made significant investments in transfers, there has been a lack of stability and consistency in terms of transfer strategy and squad composition.
The ownership dispute has also affected the club’s off-pitch operations. The redevelopment of Stamford Bridge or a move to a new stadium has been delayed, and securing a front-of-shirt sponsorship deal has proven challenging. However, the women’s team, which has had less intervention from the owners, remains successful and is seeking a minority investor.
The resolution of this dispute is complex and could take several forms. Boehly may attempt to buy Clearlake’s stake or a third party could become involved. However, both sides have veto power over major decisions, making a resolution more challenging. Ultimately, the outcome will likely be determined by financial considerations and negotiations between the parties involved.
Despite the ownership turmoil, both the men’s and women’s teams are focused on their on-pitch performances and have stated that the public dispute will not undermine their efforts. The success of new manager Enzo Maresca will play a crucial role in determining the direction of the club.
In conclusion, the rift between Chelsea’s owners has been revealed, shedding light on the behind-the-scenes power struggle at the club. The dispute has raised questions about the future direction and stability of the club. Only time will tell how this ownership saga will unfold and its impact on Chelsea’s on-field success and off-pitch operations.