Chelsea threatened by relegation and Boehly quits – four outcomes of Clearlake civil war

Whether it’s a flurry of transfers on deadline day or the club captain becoming embroiled in a racism row, there is rarely a quiet day at Chelsea. And the civil war reportedly breaking out between co-controlling owners Todd Boehly and Clearlake Capital indicates there could be even more turmoil to come in the future.

US billionaire Boehly, who headed the BlueCo consortium to purchase the club in a £4.25billion deal in May 2022, is understood to be ‘no longer on speaking terms’ with his fellow co-owner Behdad Eghbali due to disagreements about how the club should be run, according to The Guardian.

It means the Blues are heading for an ugly power struggle between the American investors, with both parties seemingly unwilling to let the other buy them out of their shares.

Their relationship may be beyond repair, which could lead to catastrophic consequences for Chelsea and its future as a Premier League powerhouse. Express Sport weighs up the potential outcomes of the Boehly vs Clearlake battle.

What happens if Boehly wins

There was an expedited nature to Boehly’s first months of ownership at Chelsea, being thrust into becoming the club’s chairman and sporting director and spending over £320m on new signings.

But the 48-year-old never wanted to be so hands-on; he tried to hire Michael Edwards as his sporting director, only to be snubbed by the Liverpool guru who has since returned to Anfield.

Some of his signings represented massive outlays and high wages, including Raheem Sterling, Mykhaylo Mudryk and Kalidou Koulibaly. But compared to the signings Chelsea have made since January 2023, there is at least some method in his strategy compared to the recent madness.

Boehly is understood to envision a ’20 to 30-year plan’ for Chelsea, proving he is in it for the long haul. He also invested money from his own personal fortune to buy his shares. That suggests he could be a more stable choice for Chelsea in the future compared to Clearlake, who are only committed to staying with Chelsea until 2032.

What happens if Clearlake win

The US equity fund owned by Eghbali and Jose E. Feliciano are adamant that there is no desire or plan to sell any of its 61.5 per cent shares to Boehly or any other party. Under the terms of the ownership agreement, Boehly cannot sell to a third party without permission from Clearlake.

Their position is clear: Clearlake won’t be moved. The hedge fund have financed the majority of the £1.75bn promised when the takeover was completed 30 months ago, so there could be a stronger financial injection to come if they secure Boehly’s shares.

Eghbali has been running point in west London for the best part of 18 months after Boehly took a step back to a less hands-on role. He has worked closely with Chelsea’s co-sporting directors, Paul Winstanley and Laurence Stewart.

But there are concerns as to whether the money is being invested wisely. Plans to reconstruct Stamford Bridge have been more gradual than expected and their transfer business, largely centred around stockpiling young talents, has left fans and pundits baffled.

It’s not been a smooth ride by any means and the sacking of Mauricio Pochettino was a highly contentious decision. If Clearlake seize power by forcing Boehly out, expect a bigger divide to emerge between the club’s owners and fanbase.

Worst scenario: Points deductions and relegation threat

It’s been a dark time for Chelsea fans already, from finishing 12th in the 2022-23 season to seeing five different managers step into the dugout. But darker times may lie in waiting for the west London outfit.

Other clubs have demonstrated that when relationships sour at the top, it creates a trickle down effect. That could mean funds drying up, although is no indication Clearlake or Boehly would withdraw their funding.

But certainly, a real and genuine threat is the looming PSR requirements which the club have dangerously played with over the past 18 months. There is also the historical element involved concerning their past transfer dealings which were raised by Boehly and Clearlake in their due diligence.

If funds are withheld and Chelsea struggle to qualify for Europe, the club could plummet into a dark period of selling off their prized assets to make ends meet.

That could mean selling the likes of Cole Palmer, Enzo Fernandez and Moises Caicedo. Or worse yet, the club’s first-ever relegation from the Premier League is not as far-fetched as it may seem if they are hit by points deductions and a bad run of form on the pitch.

Best scenario: A united front and improved results

Chelsea have been through uncertain periods before many times in their history, so much so that it almost suggests they thrive on chaos. The fans appear to be more united and fired up in those scenarios, and it translates on the pitch too.

Only back in 2022, when Roman Abramovich’s assets were frozen by the UK Government, cash-strapped Chelsea were left struggling to pay for their team bus’ petrol. Yet Thomas Tuchel’s side strung together a decent run of form and managed to finish the 2021-22 campaign third behind Manchester City and Liverpool.

This squad of young players may lack the character and leadership to rally around each other in such tough times, but a difficult situation at the top could force them to stick together more so than they have done before. That can only be a positive outcome for head coach Enzo Maresca, who will surely be concerned about the issues emanating from the hierarchy.