Dodgers co-owners Mark Walter, Todd Boehly sell Chelsea shares
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- Dodgers co-owners Mark Walter and Todd Boehly sold separate 12.8% stakes in the English Premier League’s Chelsea, the team announced Wednesday.
- Walter’s companies are the subject of multiple investigations and he sold his majority stake in the Lakers Aug. 12 for a valuation for $12.5 billion.
- Walter’s associates have told The Times he was open to selling his Chelsea stake for the right price, but the Dodgers and his other sports holdings are not for sale.
LONDON — Todd Boehly and fellow co-owner Mark Walter have sold their stakes in Chelsea, handing full control to Clearlake Capital, the English Premier League club said on Wednesday.
“Chelsea Football Club today announced affiliates of Clearlake Capital Group will acquire the ownership interest of Todd Boehly,” it said in a statement.
“As part of the transition, Clearlake will also acquire Mark Walter’s ownership interest and therefore acquire full control of the club.”
Boehly, Walter and Swiss investor Hansjorg Wyss all purchased a 12.8% share alongside the private equity company Clearlake, which had owned 61.5% ahead of Wednesday’s announcement. The Financial Times reported that Walter and Boehly will receive £950 million ($1.3 billion) for their combined stake in a deal that values the club at £5 billion ($6.7 billion) including debt.
Walter’s companies are the subject of multiple investigations that center on how much life insurance companies he owns were invested in the Dodgers and Lakers and why the investments weren’t accurately disclosed. Walter sold his majority share of the Lakers last month for a record $12.5 billion valuation, but Walter’s TWG Global said the decision to sell was not forced by the investigation. People with knowledge of company operations but not authorized to speak publicly told The Times Walter was open to selling his Chelsea share for the right price, but he has no intention of selling the Dodgers and other sports investments.
Boehly has worked with Walter at Guggenheim Partners since 2001 and played a significant role in the purchase of the Dodgers and Lakers, among other Walter owned properties.
Mark Walter’s companies are under investigation, fueling speculation he may sell the Dodgers. Those close to him says it’s one of many wrong assumptions about Walter.
In 2022, Clearlake and Boehly combined to take over the club from Roman Abramovich when the Russian billionaire was forced to sell the club after being sanctioned by the U.K. for his connection to Russian President Vladimir Putin following Moscow’s full-scale invasion of Ukraine.
Boehly now stands down in his role as Chelsea chairman. Fans protested Boehly’s tenure as the club struggled to keep pace in the Premier League title chase amid erratic leadership, unusual player acquisitions and chaotic relationships with managers.
“It has been an honor to serve as chairman of Chelsea Football Club,” Boehly said. “I would like to thank the many who helped secure a bright future for the club, including the English Premier League, the coaches and players, the talented leadership and staff at Chelsea, and the legions of dedicated fans.
“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. I am confident that Chelsea is well positioned for continued success under Clearlake’s leadership.”
Dodgers president Stan Kasten says the team is not going to be sold amid financial difficulties of majority owner Mark Walter’s companies and a federal inquiry into his insurance empire.
Behdad Eghbali and José E. Feliciano, co-founders of Clearlake Capital, lauded Boehly in the Chelsea statement. Feliciano also recently acquired Major League Baseball’s San Diego Padres.
“Todd has been an important partner throughout our ownership of Chelsea, and we thank him for his time and contribution as chairman,” Eghbali and Feliciano said. “He will always be a part of the Chelsea story and family.
“Clearlake has served as Chelsea’s majority owner since 2022, and as we move to full control our focus is to continue investing in the club’s infrastructure, sporting performance, player development and delivering long-term success for Chelsea and the club’s supporters.”
The statement also said Wyss would “remain an important stakeholder and partner in the ownership group”, and that there would be “no changes to the day-to-day operations, leadership or strategy at the club.”
Chelsea, which is sixth in the Premier League standings, next faces London rival Brentford on Friday.
Jimenez writes for the Associated Press.
