Mark Walter has sold his stake in Chelsea FC, the club announced on Wednesday, Sept. 16.
Clearlake Capital will take control of his ownership investment as well as that of Todd Boehly, which gives the group, helmed by Behdad Eghbali and José E. Feliciano, full ownership. Boehly also steps down from his role as chairman of the club.
The terms of the sale have not been made public, but The Financial Times reports that the two businessmen were given $1.271 billion (£950 million) for their combined ownership stakes amounting to 25 percent. This values the club at $6.68 billion (£5 billion).
The group made up of Clearlake Capital, Walter and Boehly purchased Chelsea in 2022 from Roman Abramovich. After Russia invaded Ukraine, the government of the United
Kingdom froze the Russian oligarch's assets, forcing him to sell the Premier League club.
Clearlake's Feliciano and his wife, Kwanza Jones, purchased the San Diego Padres this summer for $3.9 billion. It was a record for an MLB team before Stan Kroenke bought the Los Angeles Angels shortly after for $4 billion.
Walter sold the Los Angeles Lakers for a record $12.5 billion in August, less than a year after purchasing the storied NBA franchise. Days later, there were talks that he was considering selling his stake in Chelsea.
The Guggenheim Partners CEO currently is facing a federal fraud investigation, though neither the U.S. government nor the Securities and Exchange Commission have brought charges. Some analysts believe Walter is preparing for a potential fine similar to the $20 million fine he paid in 2015 after the SEC uncovered one of his associates had received a loan that was not properly reported to regulators.
Walter still maintains ownership in several other sports entities, including the Los Angeles Dodgers, Los Angeles Sparks and RC Strasbourg Alsace, which is in France's Ligue 1. Through his TWG Global holding company, he was the founding investor of the Professional Women's Hockey League and also owns the Cadillac Formula 1 team.
Chelsea won the Club World Cup last year and is currently sixth in the Premier League with a 2-1-1 record. Argentina goalkeeper Emiliano Martínez is on the team along with England standout Reece James and Premier League sensation Cole Palmer.
Contributing: Jon Arnold
This article originally appeared on USA TODAY: Mark Walter sells stake in Chelsea FC amid investigation
