Inside Chelsea’s power axis: Rumours of a rift between Todd Boehly and Behdad Eghbali – and what it all means for their transfer plans

Rumours of a split in Chelsea’s American powerbase – strongly denied by club officials – have swirled around Stamford Bridge for months.

And today’s Mail Sport exclusive, revealing that Chelsea WILL appoint a new chairman to replace under-fire Todd Boehly in 2027, will do little to dispel them. 

However, the reality is that – thanks to the extraordinary agreement struck by Boehly and majority stakeholders Clearlake Capital – a switch five years after the takeover was always likely to happen.

When the deal worth £4.25bn to buy the club from Roman Abramovich was sealed, Boehly and fellow investors Hansjorg Wyss and Mark Walter took a 38.5 per cent stake. 

Clearlake, the Californian private equity firm managed by fellow owners Behdad Eghbali and Jose Feliciano, took 61.5 per cent. 

All parties agreed to a clause in which the chairman could be changed every five years. But the reason the minority investors got to ‘go first’ when it came to an appointment is thanks to how the agreement was structured. 

It can be disclosed that Boehly’s group hold what is known as ‘common stock’ while Clearlake have ‘preferred stock’, which comes with more protection against any financial downside. 

As a result, Boehly and co got to choose the first chairman and Boehly himself – who became interim sporting director in a hectic first season – took the gig and became the face of the takeover.

Since then the minority stakeholder has had to take the majority of the considerable flak flying in the group’s direction. It was Boehly, for example, and not the others who was mocked in a Fantasy Football sketch and it was Boehly’s name that was chanted by angry supporters (along with an expletive) during a 2-2 draw at Brentford earlier this month.

Amid that backdrop, the revelation that a new chairman – potentially Eghbali or Feliciano and definitely a Clearlake appointment – will arrive in three years’ time could be viewed as a sign of unhappiness and a desire to move in a different direction.

That, however, is highly unlikely to be the case. While no longer chairman, Boehly would retain his stake. He would also have sign-off with Eghbali on any major decisions, as has been the case since the deal went through. If he so wished, he could return to the role in 2032.

After a hectic introduction, which included the sacking of Thomas Tuchel and the hiring and firing of Graham Potter, Boehly has taken more of a back seat this season. As a result, there is a feeling of irony that such a move has coincided with the deluge of criticism aimed in his direction.

The 2027 switch does perhaps paint a more complex picture of the dynamics involved but insiders say it would be wrong to see it as a vote of no confidence or indicator of a failing relationship but more an inevitability, thanks to the terms of the deal.

While Eghbali has had the lesser public profile of the pair, he has been heavily involved in the day-to-day running of the club and has also been spotted more often than Boehly at Stamford Bridge this season. 

Both have reason to feel wounded by stinging attacks from an irate fanbase that has recently seen stickers depicting themselves and Feliciano as clowns posted on the concourse of at least one Stamford Bridge stand.

As Mail Sport columnist and former Crystal Palace owner Simon Jordan pointed out, Chelsea have been in a final, are in a semi-final and are not out of the running for a place in Europe. They are currently in 11th place, but are five points off West Ham in seventh with two games in hand.

While each club plays by the same rules, they have also been unfortunate with injuries to key players. Currently, no fewer than nine first-teamers are on the sidelines. Long-term absentees such as Reece James and Wesley Fofana have impacted, while Romeo Lavia, signed in the summer from Southampton for £58m has made just one appearance and has now been ruled out for the rest of the season.

The group admit to making mistakes but the fact remains that they have spent £1bn of their own money. This is not the Glazers. No dividends have been taken, no buyout leveraged against the club. The aim, eventually, will be to make money but that will only happen should Chelsea become the Chelsea that they want it to be.

It has been rumoured that Boehly has a more long-term approach and that Eghbali and Feliciano are under pressure from investors to deliver a speedier return. However, those close to Clearlake say that is not the case and insist that they are also in West London for the long-term.

There has also been talk recently of a lowering of expectations. But insiders say the co-owners are aghast at such a suggestion. Regardless of who is the chairman, the aim remains for Chelsea to win matches, to play in the Champions League and to bring trophies to Stamford Bridge.

Aside from the expensively-assembled squad, vast resources have been poured into recruitment. The committed spend on the likes of data, scouting, sports science and performance will be close to ten times that in the Roman Abramovich reign.

The expectation is that in 2027 the priorities and strategy is likely to remain broadly the same. Recruitment will focus mainly on bringing the planet’s best young talent to West London. 

The view is that the heavy lifting has been done, and that the host of senior executive appointments will be well into their stride. Success on the field should now follow. It is a view that the club’s fanbase will hope comes to fruition.

Considerable work has also gone into Chelsea’s commercial operation. Under Abramovich, the view was that each month the oligarch would write a cheque to cover debts and everything would be fine. 

Football has since changed, thanks in no small part to Profit and Sustainability Rules. Chelsea have been underperforming dramatically when it comes to raising revenues off the field. Now, targets have been set and the aim is to rapidly increase their position commercially among the planet’s top clubs.

Three years is a long time. All parties will hope that Chelsea are in a better position in 2027 when the new chairman steps into the role. Indeed, the post may be seen as less of a poisoned chalice and the ‘Three Ring Circus’ label – that fans used on those stickers – may well have left town.