Chelsea ownership could split over stadium plans, says Boehly

Chelsea co-controlling owner, Todd Boehly, has admitted that the future of the club’s stadium will play a crucial role in determining the long-term ownership structure of the club.

A report on Monday on The Telegraph noted that Boehly, who owns 38.5 per cent of Chelsea alongside Clearlake Capital co-founders Behdad Eghbali and Jose E. Feliciano, revealed that the issue of a new stadium could either align the ownership group or lead to a split.

Speaking to Bloomberg, Boehly stated, “We have to think about the long term, what we are trying to accomplish. We have a big stadium-development opportunity that we have to flush out. And I think that is going to be where we are either aligned or we ultimately decide to go different ways.”

The Stamford Bridge redevelopment has been a contentious issue, with Chelsea exploring the possibility of building a new stadium on the current site or moving to a different location.

Any decision to relocate would require approval from the Chelsea Pitch Owners organisation. Club president and chief operating officer, Jason Gannon, has been put in charge of overseeing the stadium project, and progress is expected in the summer.

Boehly and Clearlake, who took over Chelsea nearly three years ago for £2.5 billion, have reportedly faced internal tensions over the club’s direction. It was revealed earlier this season that both parties have considered buying each other out.

Sources indicate that Boehly believes the working relationship with Clearlake is reaching breaking point, though Clearlake remains firm in its stance not to sell its 61.5 per cent majority stake.

Boehly, who shares his 38.5 per cent stake equally with Hansjörg Wyss and Mark Walter, is not expected to sell his share independently. Any takeover by Clearlake would require them to buy out Wyss and Walter as well, a move estimated to cost more than £1.5 billion.

Boehly also hinted at the possibility of constructing a stadium that could accommodate other sporting events, including basketball. “Stadium development is definitely a theme. You’re going to see the NBA go to Europe, they need stadiums, they need arenas,” he said.

Acknowledging the complexities of stadium construction within London, Boehly added, “We have 16-20 years to figure out. Inside of London, it is really complex. It’s not as though we’re building something in the middle of a rural environment. We have a lot of constituencies to make sure that we care about, certainly the Chelsea fan base is one. Long term, I think we are going to be building something new and we will figure it out.”

Despite Chelsea’s struggles on the pitch under the current ownership, with no trophy wins or Champions League qualification since the takeover, Boehly remains optimistic about the club’s financial and sporting future. He believes Chelsea is already worth more than the £2.5 billion that he and Clearlake paid for it.

“It’s not really a derivative of didn’t win last year or didn’t win this year,” he explained. “This is a club that just celebrated its 120-year anniversary. I would say ‘yes’ [it’s more valuable than what we paid].”

Boehly also highlighted Chelsea’s global fanbase as a key advantage for long-term growth.

“The opportunity to grow the fan base around the world—because unlike American sports, we have the ability to grow internationally and build our own revenue base on that international fan base—I think the opportunity is enormous and the Premier League is sitting in a great place,” he said.

He further acknowledged the increasing competitiveness of English football, stating, “One of the frustrating things as Chelsea owner is the Premier League has become so competitive. But one of the great things about being in the Premier League is it has gotten so competitive.”

Chelsea currently sit in the top half of the Premier League table, and Boehly remains confident in the club’s long-term project.

“If you look at the evolution of the team, we’ve been aligned on what we are trying to do and trying to build. It’s a team that’s young, it’s a team that’s got long contracts. There’s core stability, there’s been a long-term theme and I think we’re executing on a plan that will ultimately have Chelsea where it belongs,” he said.