Stefan Borson reveals what 'surprises' him about Clearlake development at Chelsea
Clearlake Capital's willingness to buy Todd Boehly and Mark Walter's shares in Chelsea at a "premium" has come as a surprise.
That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider that there have been a distinct lack of positve changes at Stamford Bridge.
The deal is expected to see both Boehly and Walter make profit on their investments, with the club being valued at around £5billion this summer.
Clearlake Capital are already the decision-makers in West London, with a 62.5 per cent stake in the club, but the entire ownership model is about to become far more streamlined.
Some may think this is an odd time for part-owners to be cashing in, though, and those thoughts are certainly being shared by Borson.
In 2026-27, while a top-four Premier League finish will be key, there is no European football at Stamford Bridge, with Xabi Alonso simply expected to rebuild this term.
'Chelsea haven't materially changed in a positive way'
Speaking exclusively to Football Insider, Borson said: "I think it's very hard to know what the longer-term strategy is at Chelsea."
"That's part of the surprise that Clearlake are prepared to pay the premium to the minority, because I don't think things have materially changed in a positive way.
That includes the prospects of the stadium and the development of squad. I guess on the pitch they're doing okay, but these are unusual seasons.
"We've seen this many times before. You've got 38 games. If you have no Europe and they have the benefit of having some of their biggest players not going to the World Cup...
"It's been completely game-changing for Palmer, for example, to have a whole summer off, to get himself back to being fully fit.
"And then they play a limited number of games in the season. So far, they've had a mixed start. It's not bad. They've scored a lot of goals, but conceded a lot of goals as well.
"They've not really played anybody, or not really won against anybody that you've gone, 'That's groundbreaking'."
Can Chelsea return to Europe under Xabi Alonso?
As already discussed, securing Champions League football will be the Blues' main target this season, and the early signs are good.
Joao Pedro, Cole Palmer and Morgan Rogers are all linking up in West London, proven by their 6-3 win over Leeds United in the Carabao Cup.
Right now, Alonso's side are sitting fourth in the Premier League after three games, falling to their only defeat against reigning champions Arsenal.
According to Opta, Chelsea have a 35.58 per cent chance of securing Champions League football, while winning the title cannot be ruled out, with a 3.93 per cent chance.