Why Todd Boehly has the 'upper hand' in 'complex' Chelsea takeover 'game' - Ex-PL CEO

Chelsea chairman Todd Boehly has the "upper hand" when it comes to the potential takeover of the club in the coming months.

That is according to former Everton chief executive Keith Wyness, speaking exclusively to Football Insider, who believes that the American is well-placed to net a huge financial sum for his shares.

Boehly and his ally Mark Walter each own 12.8 per cent of the West London outfit, and are currently exploring the idea of selling their shares to the club's majority owners, Clearlake Capital.

Walter is currently subject to an FBI probe into activities surrounding his insurance companies, but Wyness believes that he and Boehly still have plenty of leverage, despite being on the back foot.

Walter also recently sold his shares in basketball team the LA Lakers, and talks are already underway for him and Boehly to pull out of Chelsea as well.

The pair are trying to sell to Behdad Eghbali and Clearlake, whose shareholding of the club would surpass the 85 per cent mark if the deals were completed.

Why Clearlake cannot get cut-price Chelsea deal

Everton’s former chief Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – believes that it is not in Clearlake's interest to secure a cut-price deal for Boehly's shares.

The Scottish businessman made it clear that because the group would effectively be buying shares from within the club, it would reduce the value of the shares for them long-term.

Speaking on the latest edition of Football Insider's Inside Track podcast, he explained why that plays directly into Boehly's hands and makes it an attractive time for him and Walter to sell.

"Well, this is a huge story and it's really not good for Walter," Wyness said.

"He's obviously trying to divest himself with this FBI probe into the activities around the insurance companies, and what it appears to be is using insurance company assets and putting them into more risky sports ventures.

"In selling his share in the Lakers, I think he's managed to get down about 30 per cent of the questionable loans involved. Boehly is also involved with Walters, and I think they both have 12.8 per cent (of Chelsea). 

"So that would give Clearlake probably somewhere close to 87 per cent of Chelsea if they're able to get those two, and I expect them to get them. The question is what valuation are they going to be able to get for their shareholdings?

"Chelsea are a difficult one to value right now, given the debt and the very highly structured leverage. However, Clearlake will want to buy those shares at a price. They don't want to really battle hard and get them lower because that would then reduce the overall valuation of their shareholding.

"So that's where Boehly and Walter have a stronger hand in the sense that it's up to Clearlake to maintain that valuation by buying at a higher price. So it's a complex game here, but there's a lot at stake."

Chelsea star open to Newcastle move

Football Insider revealed earlier this week that Chelsea striker Liam Delap is open to the idea of a move to Newcastle this summer.

The out of favour frontman has found himself on the chopping block at Stamford Bridge, and was recently left out of their final pre-season friendly.

Delap has interest from a whole host of Premier League clubs at the moment, including the likes of Everton and Nottingham Forest, but is keen to move to St James' Park.

However, Chelsea's £50million valuation could potentially pose issues for the interested parties in the final stages of the transfer window.