As soon as the latest tumultuous transfer window for Chelsea closed, reports surfaced of a power struggle between chairman Todd Boehly and majority shareholder Behdad Eghbali. In just over two years since the duo joined forces to acquire the Blues, the Premier League club has spent over £1 billion ($1.3 billion) on a bloated squad with little to show for it. The current state of the two-time European champions, who were prolific winners during the Roman Abramovich era, is causing concern among the loyal fanbase.
LA Dodgers co-owner Boehly was the public face of the 2022 takeover, following sanctions imposed on Russian billionaire Abramovich, which necessitated a swift sale of the club. However, the vast majority of the world-record £2.5 billion price for a football club was provided by Eghbali's private equity group, Clearlake Capital. After Boehly's brief tenure as the club's sporting director during the first six months of the new regime in west London, Eghbali has emerged as the most active figure within the ownership group.
The relationship between the pair is said to have deteriorated in recent months, with differing views on the club's recruitment policy, poor results, and the failure to advance on the construction of a new stadium. One of the key disagreements arose over the position of now-departed manager Mauricio Pochettino. The Argentine managed a strong finish after a troubled start to his sole season in charge, with Chelsea finishing sixth in the Premier League to qualify for the Europa Conference League. Boehly is believed to have supported Pochettino, who is now in charge of the US men's team. However, Eghbali and the club's co-sporting directors, Paul Winstanley and Laurence Stewart, were reported to have preferred a fresh approach, leading to Enzo Maresca becoming the club's fourth permanent manager appointment in less than two years.
Bloomberg reported that Boehly and Eghbali are exploring whether they could buy each other's Chelsea shares. Raising the funds to do so would be significantly more challenging for Boehly, who owns just under a 13 percent stake, compared to Clearlake's 61.5 percent. Despite splurging an estimated £1.1 billion on dozens of players, Boehly and Eghbali have yet to see a return on their investment. Just over three years ago, Chelsea, then still under Abramovich's ownership, defeated Pep Guardiola's dominant Manchester City side to win the Champions League. With Ben Chilwell among several expensive recruits deemed surplus to requirements, captain Reece James is the only survivor from the squad that won that night in Porto currently in Maresca's plans.
Chelsea twice broke the British transfer record in little more than six months for Enzo Fernandez and Moises Caicedo in 2023, yet the two midfielders have yet to find their rhythm. A host of other high-profile signings have been sidelined due to the overstocking of players. Chelsea is reportedly set to pay around £10 million for Raheem Sterling—the first signing of the Boehly-Eghbali era—to play for Arsenal this season. During Abramovich's 19-year tenure, Chelsea won five Premier League titles and never went two consecutive seasons without silverware. However, they have yet to lift a trophy under the new regime and have finished 12th and sixth in the past two Premier League campaigns.
The Chelsea Supporters' Trust stated earlier this year, "The club have become a laughing stock both on and off the pitch." There have been some success stories from Chelsea's lavish spending, which has primarily focused on young talent from around the globe. Cole Palmer's £40 million move from Manchester City now appears to be a bargain after he was one of the standout Premier League players last season, with Noni Madueke also impressing. The club claims to have reduced the average salary of the squad with long contracts heavily incentivized based on performance. Chelsea's transfer splurge has stood out even more as other Premier League clubs have become more cautious in the market to comply with financial regulations. However, the Blues have so far cleverly managed to stay ahead of the rules, including by selling two hotels on the Stamford Bridge site to companies under the control of Boehly and Clearlake.
