Chelsea’s American owners, Todd Boehly and Mark Walter, are set to profit after selling their 12.8% stakes to Clearlake Capital, despite the club’s poor sporting record and chaotic management since 2022. The article argues that this reflects an American-style ownership model in which elite sports teams are treated primarily as scarce financial assets, with long-term value growth mattering more than results, stability or loyalty to supporters.

Since the takeover, Chelsea have finished 12th, sixth, fourth and 10th in the Premier League, changed managers nine times and employed five sporting directors. Around $2.37bn was spent on 60 players, while the current squad is valued at about $1.23bn; the club also recorded a record Premier League pre-tax loss and missed European qualification twice. Boehly and Walter bought their stakes when Chelsea was valued at $3.3bn and sold at a valuation of $6.7bn, reportedly making a modest profit despite committing roughly $2.3bn to the takeover.