Recently, several media outlets confirmed that Todd Boehly, one of Chelsea's owners, is preparing to sell his shares. The English media outlet "The Daily Telegraph" published a special column discussing Boehly's four years at Chelsea. Below is the full translation of the column.

Telegraph Column: "Todd Boehly's Exit from Chelsea Will Mark the End of Football's Most Bizarre Billionaire Owner Story"

Todd Boehly, the chairman who became the face of the club following the 2022 takeover, is about to depart, leaving behind a trail of questionable decisions and nouveau riche behavior.

Boehly's era at Chelsea will be remembered for its turbulence and the powerful influence of the primacy effect. As the public face of a loose consortium of billionaires, Boehly actively put himself in the spotlight, and the English football public never let him out of sight. The so-called primacy effect, in simple terms, means that once a first impression is formed, it is difficult to erase it later. The first impression Boehly left on Chelsea fans was precisely complex and striking enough. This complexity stemmed both from his extravagant spending in the transfer market and his occasional amateurish public remarks.

It appears to be only a matter of time before Boehly and his equal-stake investor, Mark Walter, sell their respective 12.83% stakes in Chelsea to the consortium's majority shareholder, Clearlake Capital. Based on confirmations from various media outlets, the deal is already underway, with mainly procedural matters remaining. The third consortium member is 90-year-old Swiss billionaire Hansjörg Wyss, whose fate regarding his 12.83% stake remains uncertain. Wyss could stroll down Fulham Road with his pensioner's bus pass, completely unbothered about being recognized, but Boehly does not have that luxury.

However, Boehly was not actually the primary operator at Chelsea, at least not the central driving force—though, admittedly, following the failed transfer window in summer 2022, most people mistakenly believed he was. Some might say it was his performance during that summer window that secured his place in public perception. In 2022, when he first entered football, he served as chairman and interim sporting director. At that time, he signed Raheem Sterling for £50 million and offered him a five-year contract with a weekly salary of £325,000. This deal was repeatedly cited afterward, not just because of the fee and salary, but more because it almost became emblematic of Boehly's early decision-making style.

Had the contract proceeded normally, it would not have expired yet, but Sterling has essentially ended his professional football career. If his legal case does not go well this week, that may not even be the worst outcome. In other words, the contract remains active, but the player's high-level career has ended prematurely. Such a disparity also became one of the most memorable images of Boehly's early tenure.

Returning to Boehly, he once publicly wondered why the Premier League did not host an All-Star game, acting precisely like a newcomer to football. Although his public statements were often considered inappropriate, it was once believed that he handled matters meticulously behind the scenes, such as putting Chelsea's central dilemma—whether to rebuild Stamford Bridge or find a new location—on the agenda. However, four years have passed, and nothing has materialized. The stadium question remains pending, and the direction has not truly materialized.

Among the American executives who made a high-profile entry initially and were responsible for various matters, including the decision on Stamford Bridge, only Jason Gannon remains, currently serving as the club's "chairman." Casper Stylsvig, along with Chris Jurasek and Janet Marie Smith, who were brought over from Boehly's Los Angeles Dodgers, have all departed. Whether Chelsea will acquire Earl's Court (the last viable location for a new stadium in West London) remains undecided, with no substantial progress on related matters.

The stadium question, team performance—these are not just Boehly's responsibility, but must be borne by the entire consortium. However, following the summer 2022 transfer window, Boehly's role in Chelsea's day-to-day operations was significantly sidelined, replaced by Behdad Eghbali, a senior partner at Clearlake who holds 61.5% of the shares and now has control. All parties will strongly emphasize that any major decision requires written consent from all consortium members, including Boehly, Walter, Wyss, and Eghbali's Clearlake partner, José Feliciano (whose stake is smaller). All claim that strategic decisions, including managerial appointments, transfer strategy, and subsequent changes, require consensus.

For most of the last four years, Chelsea has actually been Eghbali's domain. Before last year's Club World Cup final, Boehly appeared at the stadium with U.S. President Donald Trump, which was one of the perks of being chairman, but by that point, the relationship between Eghbali and Boehly had already fractured, and the entire consortium was seething with tensions.

Once Clearlake Capital completes the takeover, this will mark the end of one of football's most peculiar ownership models. It is inherently difficult for so many inflated billionaires to work together. According to Walter's statement, Boehly will make a modest profit from selling his shares, which no one disputes. But no one believes Boehly acquired Chelsea solely for that modest profit. If he had only wanted to make quick money, he would not have needed to put himself on the most visible front lines of the Premier League.

Last month, Walter sold his NBA team, the Los Angeles Lakers, for £9.2 billion, while he is currently under investigation by the U.S. Department of Justice for alleged financial irregularities, though the scope of the investigation remains unclear. Walter expressed interest in continuing to invest in sports, but how many opportunities exist to acquire a powerhouse like Chelsea? Boehly negotiated the 2022 deal, inviting Clearlake Capital to join the acquisition; back in 2019, he nearly led another consortium to acquire Tottenham Hotspur.

Boehly has always wanted a top-tier Premier League club, and he knew that opportunities to acquire elite clubs were rare, so he needed Clearlake Capital's private equity funds and invited them to join. But private equity rarely remains inactive when assets are mismanaged, and Clearlake was dissatisfied with operations in the first six months after the acquisition. Some even believe this was a predetermined strategy: let Boehly attract attention first, then take control.

Today, most well-informed Chelsea supporters know who is running BlueCo—the holding company formed by the consortium that oversees Chelsea and French club Strasbourg. BlueCo's player trading volume is unprecedented in football, and to meet financial control requirements, it also sold assets such as the Stamford Bridge Hotel and the women's team through inter-group transactions, even incurring UEFA penalties as a result.

The club claims that Boehly is the signatory on all decisions, and we will provisionally accept that, but whether he is the mastermind behind the scenes is questionable. Signing is one thing; making the final decision is another. Now that he is about to depart, this appears more to be his preferred choice given current circumstances, rather than part of his original ambition.

Traduzido por IA.

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