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Walter Sells Chelsea Stake Amid Turbulent Times
17 Sep
Summary
- Mark Walter sold shares in Chelsea on Wednesday.
- Walter and Bohely previously bought the club in 2022.
- Walter also recently sold the Los Angeles Lakers.
Mark Walter has divested his stake in the English soccer club Chelsea, with the transaction occurring on Wednesday. Walter, who co-owned the club with Todd Boehly and Clearlake Capital since their 2022 purchase for approximately $3.38 billion, has now transferred controlling ownership to Clearlake Capital. This move comes shortly after Walter's surprising sale of the Los Angeles Lakers for a record $12.5 billion to a group led by Josh Kushner and Bob Iger last month.
The sales transpire amidst a federal investigation into Walter concerning allegations of fraud within his insurance companies. These allegations suggest improper investment of policyholder funds into Walter-owned entities without full disclosure to investors, and potentially funding the purchase of the Los Angeles Dodgers. Despite these investigations, Walter's company, TWG Global, has stated that the Dodgers are not for sale, a sentiment echoed by Dodgers president Stan Kasten. The Dodgers have already secured a playoff spot for the upcoming fall season.
Chelsea concluded its recent season successfully, securing the FIFA Club World Cup and the UEFA Europa Conference League. Currently, the team holds a 2-1-1 record in the Premier League following a recent draw.
