Todd Boehly has to make a decision on his future as Chelsea co-owner amid a potential buyout involving Clearlake Capital.
That’s according to talkSPORT journalist Ben Jacobs, who insists there is no ‘civil war’ at the Blues but says Boehly currently feels ostracised.
Chelsea’s owners are interested in buying each other outGetty
Chelsea were sold in May 2022 in a deal worth £4.25billion after their previous owner Roman Abramovich was sanctioned for his links to Russian president Vladimir Putin amid Russia’s invasion of Ukraine.
Boehly, who also co-owns American baseball side the LA Dodgers, and private equity firm Clearlake Capital completed the purchase.
talkSPORT reported in September that they are at loggerheads over the running of Chelsea and Clearlake are keen to buy out Boehly.
Transfer policy, results on the pitch and slow progression on plans for a new stadium are understood to have strained their relationship.
However, talkSPORT’s Jacobs has rejected any claims of a civil war at Stamford Bridge and explained what’s next for Boehly.
Speaking on the current situation regarding the club’s hierarchy on the first episode of Inside Chelsea, he said: “I think it’s professional and cordial, that’s the first thing. Everyone’s using this term ‘civil war’, it’s not recognised by those within the club.
“But in essence, you’ve got Todd Boehly who has the biggest individual personal stake but still only owns 13 per cent of the club and he wants more control, and he is not as on board with the direction of travel with the recruitment or the stadium plans.
“And some sources say also that he was more in favour of keeping Mauricio Pochettino, but in fairness, he had a veto so could’ve stopped his departure and he didn’t, he went with the majority and that’s what you want, that collaborative model where there’s freedom to challenge.
“So, there is an onus on Todd Boehly now to find a solution. From Clearlake Capital’s point of view, they are leading the club through Behdad Eghbali and Jose E. Feliciano [Clearlake co-founder] so if nothing changes, they’re fine, they’re the majority owner.
“So, Todd Boehly’s got a decision to make at this point. Does he continue on this path because it’s actually going quite well and because they have that cordial relationship, things may smooth over?
Boehly led the consortium that bought Chelsea long with EghbaliGetty
Jacobs says there isn’t a feeling of civil war, but Boehly is frustratedtalkSPORT
“Or does he try and push for change? And if he tries and pushes for change, there’s no way back, so either Boehly would buy out Clearlake or fail and then in likelihood, be bought out himself.
“But Clearlake don’t have to do that much because they’re the majority owner so status quo is fine for them, if Boehly wants to leave they’ll buy him out and then the big question is, if Boehly makes an offer to Clearlake Capital, would they consider it?
“Because sources tell me that Behdad Eghbali and Jose E. Feliciano would automatically reject any bid from Todd Boehly. The Boehly side say there’s other investors and if they got a big return, then it may be that they recommend a sale.
“But again, the Clearlake side say that the fund that controls Chelsea is what’s known as ‘discretionary’, so without sending people to sleep, what it means is that Behdad Eghbali and Jose E. Feliciano are effectively running a form of trust fund.
“And the investors are basically beneficiaries that don’t have control, and only the trustees can decide, so if Boehly makes an astronomical offer, every single investor as part of the Chelsea fund can’t just say, ‘We like that massive amount of money,’ it’s only up to Behdad Eghbali and Jose E. Feliciano.
“And at the moment sources say they’ll reject anything, which means the most likely scenarios are Boehly will try, will fail and then will leave and Clearlake will own 100 per cent of the club. Or alternatively, they’ll get in a room, they’ll make up and the status quo will remain.”
Inside Chelsea host Olivia Buzaglo asked if Eghbali minds that Boehly is face of the club, even though he gets stick for the club’s progress.
Boehly and Eghbali have attended games together despite supposed differencesGetty
Jacobs said: “I think it’s not that personal between them necessarily but it’s true, like you rightly say, Boehly’s the face of it and if it works then he’ll get a lot of credit.
“But the reality is, Behdad Eghbali in particular is the single most important person at Chelsea Football Club, he’s controlling everything, he’s aligned to the sporting directors, he’s more day-to-day than Todd Boehly.
“In 2027, Boehly will no longer be chair, and Clearlake Capital and Behdad Eghbali will pick the new chair and in addition to that, Clearlake are driving this data-driven approach.
“This revamping of the medical department, this new set-piece department, the appointment of Enzo Maresca, the new stadium plans whether they redevelop Stamford Bridge, build a new stadium or move away.
The future of Chelsea’s iconic home of Stamford Bridge is yet to be decidedGetty
“It’s all through Clearlake now so I would say at the moment, it’s not really about Behdad Eghbali being frustrated that Todd Boehly’s making headlines, it’s the other way round, it’s Boehly that is frustrated because he’s becoming increasingly ostracised.”
Boehly and Clearlake Capital are in their third season of ownership at Chelsea but are yet to oversee trophy success at Stamford Bridge.
The Blues came closest to lifting silverware last season by reaching the Carabao Cup final although lost in extra-time against Liverpool.
Chelsea are competing on various fronts in the 2024/25 campaign and most notably sit sixth in the Premier League with 14 points.
Chelsea’s ownership structure will change if a buy out is madeGetty
Their best chance of winning a trophy for the first time since their FIFA Club World Cup triumph in February 2022 arguably come in this season’s UEFA Conference League.
Maresca’s side beat Gent 4-2 in their opening match and next face Greek side Panathinaikos on Thursday evening, live on talkSPORT 2.
