Clearlake Gains Control as Chelsea Stadium Choice Looms

Clearlake Capital has completed its acquisition of Todd Boehly and Mark Walter’s 12.8 per cent stakes in Chelsea, giving Clearlake complete governance control of the club as the long-running decision over Stamford Bridge’s future remains unresolved. Behdad Eghbali will share key decision-making duties with Clearlake co-founder José E Feliciano.

Eghbali now runs the show as Chelsea weighs its stadium future

Boehly has stepped down as chairman and will not immediately be replaced in that official role, according to the Telegraph. Chelsea has effectively been run day to day by Eghbali since January 2023, while Eghbali and Feliciano now sit at the centre of decision-making after Clearlake also brought Hansjörg Wyss’s remaining 12.8 per cent stake into the fund. The fund owns outright about 87 per cent of the club.

Chelsea’s ownership shake-up means Clearlake has governance control, even if it does not have complete equity control. Previously, key figures in the BlueCo consortium had to approve decisions. The new structure could make major long-term commitments easier to assess, with Eghbali and Feliciano sharing decision-making duties.

The central question remains whether Chelsea rebuild Stamford Bridge, the club’s home for 121 years, or move to Earls Court, described as the only feasible alternative in west London. Earls Court already has planning for a £10bn housing and retail development. A new stadium could cost £3bn or more, while a Stamford Bridge rebuild faces significant constraints: Chelsea Pitch Owners control the freehold, railway lines run to the east, access is limited by the existing Fulham Broadway exit, and the site is too small for the stadium Chelsea would like.

Nine Premier League grounds have a bigger capacity than Stamford Bridge. Stamford Bridge’s ongoing role as Chelsea’s matchday home adds to the importance of finding a sustainable long-term solution.

A consolidated ownership structure may help the financing discussion, but any project would still require major borrowing or long-term investment partners. Chelsea has spent around £1.8bn under BlueCo, and annual matchday revenue of £86.8m is behind Arsenal, Tottenham, Manchester United and Liverpool. The club bought the two-acre Sir Oswald Stoll Mansions site adjoining the stadium in April 2024, but no further development has followed.

Cobham could provide a more immediate investment opportunity. The 20-year-old training ground has gained additional land on the other side of Stoke Road, while the Under-21s have been rebranded Cobham NextGen. Jason Gannon, recruited from the SoFi Stadium project in the United States, is expected to lead the stadium work and is responsible for commercial and fan engagement. James Bonnington, now chief legal officer, is also expected to have an expanded role.

In other news…

Read more on how Clearlake’s takeover reshapes decision-making at Stamford Bridge.

We also looked back at Ken Bates’ legacy and its place in Chelsea’s stadium history.