Stefan Borson: Clearlake have way overpaid to complete game-changing Chelsea deal

Clearlake Capital have significantly overpaid when buying out Todd Boehly and Mark Walter at Chelsea this summer.

That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider that the Blues are not worth the £5billion valuation estimated by the owners.

Clearlake have taken full control at Stamford Bridge, making decision-making behind the scenes much easier, but it's come at a huge price.

Boehly and Walter sold their combined 25 per cent stake in the West London outfit for £950million, meaning that the Blues are valued at £5bn.

However, the Blues pre-tax accounts for the 2024-25 financial year showed losses of £262.4m, with continuous losses emerging at Stamford Bridge.

Clearlake continue to take strides forward with the six-time top division winners, even sparking rumours of big-money redevelopments of Stamford Bridge.

Clearlake Capital settle on 'toppy price' for Chelsea stakes

Speaking exclusively to Football Insider, Borson cannot understand why Chelsea's owners were so happy to splash the cash on Boehly and Walter's stakes.

"The valuation is broadly what they put in. I don't think there's much profit there. There might be a little bit, but it's not a lot," he said.

"So it's basically the amount invested so far. In any paper exercise, given that this is a business that on an operating basis loses £200m a year, isn't in the Champions League, but I don't know...

"This season, maybe they do £550m in revenue. Clearly it's not on any basis worth £5billion to outsiders. But they're very positive about the investment.

"People have different views on valuation and long-term prospects. They've spoken about this thing being worth £10bn; they've spoken about it generating £1bn of revenue.

"The reality is the core business generates £500m to £550m. And then you've got Champions League or other competitions on top. And the problem with generating that much is that the cost base has got £200m-odd of amortisation.

"And maybe there's a wage bill of £350m or something. So on most of the metrics, it doesn't look that attractive. I think it's a toppy price."

Can Clearlake return Chelsea to their former glory?

There was a lot of hope when Xabi Alonso came aboard in West London, but fans are still waiting for things to click under the Spaniard.

The Blues' most recent defeat to Brentford certainly exposed the team's weaknesses, but there is plenty of time to get things back on track.

According to Opta, Chelsea should finish sixth in the Premier League with 54 points, and their chances of securing Champions League football is at 19.73 per cent.

A top-four finish and a return to the Champions League would be a much-needed boost, especially for the club's finances.