Todd Boehly and fellow co-owner Mark Walter have sold their stakes in Chelsea, handing full control of the Premier League club to private equity firm Clearlake Capital.

Clearlake previously held a 61.5% share in Chelsea, with Boehly and Walter each owning 12.83%. Swiss philanthropist Hansjorg Wyss, who also held a 12.83% stake, will remain part of the ownership group.

The consortium completed its purchase of Chelsea in 2022 for £2.5 billion, with a further £1.75 billion committed to investment in the club following the sanctions placed on former owner Roman Abramovich.

The Financial Times reported that Boehly and Walter will receive £950 million for their combined stake, with the deal valuing Chelsea at £5 billion including debt.

Boehly steps down as chairman

As part of the ownership changes, Boehly will relinquish his position as Chelsea chairman.

The club praised his “unwavering commitment” to the ownership group’s belief that supporters should remain at the heart of Chelsea.

“It has been an honour to serve as Chairman of Chelsea Football Club,” Boehly said in a club statement.

“I would like to thank the many who helped secure a bright future for the Club, including the English Premier League, the coaches and players, the talented leadership and staff at Chelsea, and the legions of dedicated fans.

“I have valued my partnership with Clearlake and the wider ownership group, and the collective decisions and investment we have made to support the immediate and long-term success of the Club. I am confident that Chelsea is well positioned for continued success under Clearlake’s leadership.”

Chelsea insist there will be no major changes

Walter recently completed the sale of the Los Angeles Lakers to a group led by venture capitalist Joshua Kushner and former Disney chief executive Bob Iger, in a deal that valued the NBA franchise at $12.5 billion.

He remains the owner of the Los Angeles Dodgers and is also under federal investigation relating to insurance companies he owns.

Chelsea appointed Xabi Alonso as manager during the summer and currently sit sixth in the Premier League.