The inside story of Todd Boehly and Behdad Eghbali fall out - Chelsea owners might struggle to find answers

The biggest secret in the corridors of Cobham is finally out in the public. It has been simmering behind the scenes, and although some fans who aren’t deeply informed still think Todd Boehly is the face of Chelsea’s ownership, the truth is that the 50-year-old has barely been involved in player transfers since January 2023.

He was the face of the club when they took over in May 2022, but since then, he has taken a back seat—rarely seen at Stamford Bridge and even less at Cobham—while the main man, Behdad Eghbali, and his Clearlake Capital run the show.

One of the main triggers of this public fallout has been the issues surrounding policies and player recruitment. Sources speaking to LondonWorld on condition of anonymity have said that Boehly intended to focus not only on players who could be good for the future, but also on those who could immediately adapt to a top club where winning is the ultimate goal.

However, what has weakened his position is the fact that nearly every player signed when he was a temporary sporting director has either been shipped out or moved on. Marc Cucurella is still at the club, but the jury is still out on him. Raheem Sterling now plays for Arsenal, while Chelsea still burden themselves with paying part of his wages.

Kalidou Koulibaly and Pierre-Emerick Aubameyang have also moved on. The main point of change when they bought the club from Roman Abramovich was the decision to go in a different direction, which has inevitably fractured relationships, bruised egos, and left many within the club saying little and hoping that the weekend games come soon enough to divert attention.

The reason for this drastic change in transfer policies is simple: to create a club that takes care of itself—no external input, just Chelsea generating money, buying players, and paying players from within its own resources. Since then, wages have drastically reduced, and everything must fit into the budget that has been set, with the Premier League’s sustainability rules a constant concern whenever they try to negotiate with an agent.

Since Paul Winstanley and Laurence Stewart took over the sporting direction of the club, reporting everything to Eghbali, Boehly has merely played an observatory role, signing where necessary and chipping in when he feels it’s needed. However, it’s now clear that in the last week, both Boehly and Eghbali have made moves to try and buy each other’s shares.

So, what are the shares?

Clearlake owns more than 60% of Chelsea—some sources have quoted approximately 61%—with Boehly holding the rest alongside U.S. businessman Mark Walter and Swiss billionaire Hansjörg Wyss.

For the record, according to Forbes, Eghbali had a net worth of $3.8 billion as of January 2024, while Boehly has $8.5 billion. Both are clearly capable of buying Chelsea outright with their group of investors, but sources have told LondonWorld that it’s highly unlikely they will sell to each other, as both are passionate about the club and determined to succeed.

They have also enjoyed the fame and recognition that comes with owning a global asset like Chelsea. Both were billionaires before taking over Chelsea, but the fame and publicity that have come with it have, according to sources, helped grow their social currency and, in some respects, helped their businesses at home and abroad.

They are businessmen and understand the power that comes with being introduced as the owner of Chelsea Football Club. Even though the club has struggled to find the consistency they would have liked, no one is giving any sign that they’ve had enough.

The Other Issues

It hasn’t only been an issue of player sales where they have disagreed; they have also had issues with the development of Stamford Bridge and the sacking of Pochettino. Last season, when the pressure mounted on the Argentine manager, he confirmed to LondonWorld in a press conference that he was invited for dinner with Todd Boehly—the impression was that everything was fine.

Pochettino said, “All I can tell you is on Friday night, Todd invited me for dinner, and it was a very nice dinner together. But I don't know about the rumuors about the review. My staff tomorrow are flying for their holidays. I am going to stay in London for a few more days. I am always open. My phone is going to be on."

A few days later, he had a review with the two sporting directors and Eghbali, and it was communicated that it was best to go their separate ways. By then, Boehly was in America, although other sources have said he was always on the phone and agreed with the decision.

There are so many tales to this Chelsea telenovela—or soap opera, if you want to call it that—with micro-details of agreements and disagreements. But one thing is certain: there has been visible discord between the two faces of the club, and they have disagreed on many things behind the scenes.

Talks will continue, and possibly some form of compromise can be reached, but the success and long-term solution will most likely be determined by on-field success, which is what sports are always about.

Chelsea will take on Bournemouth in their next game.