Sports · Thursday, 17 September 2026

01 Briefing what happened

Clearlake bought out Chelsea's chairman and his partner for a reported 950m pounds. Lower down English football, owners are tired of paying losses.

Chelsea's biggest owner took control after buying out Todd Boehly and Mark Walter, while advisers say at least half the clubs further down English football want new money or a buyer. Also: Tottenham's owners pay in again, Garcia stops Benn, tennis players end their public pay campaign, and the Asian Games open in the rain.

950m pounds

reported price for Boehly's and Walter's two stakes

The Financial Times figure values the whole club at 5bn pounds, including debt. [3]

61.5%

of Chelsea that Clearlake owned before this week

Boehly, Walter and the Swiss billionaire Hansjorg Wyss held 12.8% each. [5]

1.3bn of 4.2bn pounds

borrowed, of all the money put into Chelsea by June 2025

The rest, about 2.9bn pounds, came from the owners themselves. [6]

The lead story — what happened

Chelsea said on Wednesday that Clearlake Capital, a Californian investment firm, will buy out its co-owners Todd Boehly and Mark Walter. [5][2]
Clearlake already owned 61.5% of the club. Boehly and Walter each owned 12.8%. [5][3]
The Financial Times reported that the two men will get 950m pounds between them. That values Chelsea at 5bn pounds, counting its debt. [3][4]
Boehly steps down as chairman, a job he held since the group bought Chelsea from Roman Abramovich in 2022, after the UK government sanctioned him. [1][2]
When the group formed in 2022, its members agreed not to sell shares to anyone outside it for ten years. That left Clearlake as the only possible buyer. [7]
The owners had put about 4.2bn pounds into the club by June 2025. About 2.9bn was their own money and 1.3bn was borrowed. [6]
Several people who value clubs for a living put Chelsea at a little over 3bn pounds, not much more than the owners' own money already in it. [6]
Walter sold the Los Angeles Lakers basketball team last month at a record $12.5bn value. US federal prosecutors are investigating companies he owns. [1][6]
The club says nothing changes day to day. Clearlake's co-founder Behdad Eghbali has made most of Chelsea's big decisions for four years. [2][7]
Nine football finance advisers told The Athletic that English football now has two markets. [8]
At the top, owners sell small stakes at record prices. Further down, owners sell whole clubs cheaply because the yearly losses are too hard to fund. [8]
At least half the clubs further down English football are looking for investment or are for sale outright, The Athletic reports. [8]

Who is involved

Clearlake Capital

an investment firm in Santa Monica, California, managing about $180bn; Chelsea's biggest owner, now in control [7]
Todd Boehly

American businessman and co-owner of the Los Angeles Dodgers baseball team; leaves as Chelsea chairman [1]
Mark Walter

head of the finance firm Guggenheim Partners; sold the Lakers last month and now his Chelsea stake [1]
Hansjorg Wyss

Swiss billionaire who held the fourth 12.8%; reports disagree on whether he sold [1][3]
Behdad Eghbali

Clearlake co-founder who has run most of Chelsea's decisions since 2022 [7]

How it unfolded

May 2022 Boehly, Walter, Wyss and Clearlake buy Chelsea from Roman Abramovich [4]
2024 a split between Boehly and Clearlake becomes public [1][7]
Aug 2026 the Financial Times reports that Boehly and Walter are in talks to sell [2]
Wed 16 Sep Chelsea confirms Clearlake takes full control [2][5]
Coming weeks Liverpool's new minority investors are expected to be approved by England's football regulator [8]

Where this points

The next big test is the stadium: Chelsea plans either to rebuild Stamford Bridge or to move, that plan caused friction with Boehly, and Clearlake now makes the call. [1][2]

What is pushing on the whole day

The bar and the word are our reading of how hard each one is pushing today. The arrow is where it is heading. The evidence is in the stories below.

Owners paying in again High↑

Tottenham's owners put 120m pounds into the club, their third payment in a year. [9] Advisers say owners lower down English football are selling because the yearly losses never stop. [8] Ki MMA, a new fighting league, raised $60m before it has any TV deal. [18]

Players asking for a bigger share Building↑

Top tennis players asked the four biggest tournaments for 22% of their money. [11] Rugby player Henry Pollock's adviser says he is worth 1m pounds a season. [27] Barbra Banda signed the biggest contract Orlando Pride has ever given. [28]

Too many contests in too few days Building↑

Boxer Eumir Marcial is due to fight in California and then in Japan four days later. [16] Ben Shelton goes from the US Open final to two more team events in two weekends. [31] Ki MMA wants its tournament winners to fight twice in one night. [18]

Fighters choosing their own promoter Building↑

Conor McGregor says he has one UFC fight left before he is free to box bare-knuckle. [20] Muhammad Mokaev signs one-fight deals while he waits for the UFC to take him back. [21] Henry Cejudo, a former UFC champion, now boxes for an influencer promoter. [23]

The rest of the day

19 more stories on this beat.

Each with its own sources. None of these is a link to the story above.

02
Tottenham's owners pay in 120m pounds more

The Lewis family, Tottenham Hotspur's majority owners, put another 120m pounds into the club on Wednesday. [9] They did it by buying new shares in ENIC, the company that owns 88.3% of Tottenham. [9] It is their third payment in a year, after 100m pounds in October 2025 and 100m in June 2026. [9] The club spent heavily this summer, including a deal worth up to 100m pounds for Sandro Tonali. [9] Payments since May 2022 now pass 450m pounds. [9]

Why it matters — Daniel Levy, the chairman sacked last September, did not put money into the June payment. His share of the club fell from about 26% to about 24% as a result. [9]
03
Garcia stops Benn in under four minutes

Ryan Garcia kept his WBC welterweight world title by stopping Conor Benn in Las Vegas on Saturday, after three minutes and 45 seconds. [10] Almost 19,000 people had tickets. [10] Benn had fought at over 160lb last November and weighed in at 146lb. [10] He dieted for 15 weeks, eating 1,000 calories a day less than his body needed. [10] Less than 12 hours after weighing in, he posted a video showing 178lb. [10]

Why it matters — A sports physiologist told The Athletic that about 89% of combat athletes still lack body water on the morning of a fight. Drinking and eating fast puts weight back on the scale, but not water back into the body's tissues. [10]
04
Tennis players end their public pay campaign

The top tennis players who had campaigned for more prize money said on Monday that they are ending the public part of it. [11] The four Grand Slams, tennis's biggest tournaments, created a council last month through which players can negotiate. [11] Players had asked for 22% of tournament revenue, and the Slams have not agreed to it. [11] Prize money across five Slams since the request reached $415.6m. [11]

Why it matters — Players estimate more than $30m of that is above what the old growth rate would have paid. They say they will restart the campaign if the council fails. [11]
05
The WTA Finals move to Charlotte

The WTA Finals, the season-ending event of women's tennis, will be played in Charlotte, North Carolina, from next year. [12] The WTA, which runs women's professional tennis, called it at least a three-year deal. [12] In July the tour pulled out of the last year of a three-year deal with Saudi Arabia. [12] It moved this year's event to Indian Wells, California, over worries about military conflicts in the Middle East. [12]

Why it matters — The WTA's chair, Valerie Camillo, says she wants the event to become the Super Bowl for women's sports. It comes while the tour is in financial difficulty. [12]
06
Rain and slow ticket sales before the Asian Games

The Asian Games open in Aichi and Nagoya, Japan, on Saturday and run to 4 October. [15][33] Organisers planned for about 15,000 athletes and officials, but about 17,000 registered. [13] Hundreds had to leave their rooms briefly in heavy rain last week, and roofs leaked at several venues. [14] Organisers have also had to work hard to sell tickets. [14] India alone is sending about 500 athletes. [33]

Why it matters — The Games have 469 medal events in 43 sports, against 329 at the Paris Olympics. [14] Chess, go, Chinese chess and bridge were dropped after they helped China win a record 201 golds in 2023. [14]
07
A boxer with two fights four days apart

Eumir Marcial, a Filipino boxer who won Olympic bronze in Tokyo, is due to fight Omar Ulises Huerta in California on 19 September. [16] Four days later he is due in the ring at the Asian Games in Aichi, Japan. [16] The boxing draw is held hours after his professional fight. [16] Huerta has won 15 of 17 fights, 13 by knockout. [16] Marcial has not boxed as a professional since October 2025. [16]

Why it matters — He won the Philippines' only boxing medal at the last Asian Games, which also earned him a place at the Paris Olympics. [16] Its boxing federation had expected him to lead its team. [16]
08
India will play cricket in Japan

India, the men's Twenty20 world champions, will play Japan in Sano on 22 September. [17] It is the first time Japan will face a full member of the International Cricket Council, the sport's world body. [17] Japan has 7,300 registered players and 16 grounds. [17] Leaders of both countries agreed in July to mark 75 years of diplomatic ties with the match. [17] Suzuki, the carmaker, is backing it. [17]

Why it matters — Pakistan, Sri Lanka, Bangladesh and Afghanistan also play in Japan this month, at the Asian Games cricket in a converted baseball ground in Nisshin. [17]
09
A new fighting league plans a one-night final

Scott Coker, who ran the Strikeforce and Bellator fighting leagues, launched Ki MMA in New York on Monday. [19][18] It plans a 32-fighter tournament at 145lb from early 2027, across four continents. [18] The last four would fight a semi-final and a final on the same night. [18] Ki has $60m of funding but no TV deal yet. [18] The UFC stopped same-night tournaments after 1999, as it sought approval in more US states. [18]

Why it matters — The format needs at least 13 events, three on each continent plus the final, and none has a date yet. [18] Coker's earlier leagues were both sold, Strikeforce to the UFC and Bellator to a rival. [19][18]
10
McGregor counts down his last UFC fight

Conor McGregor, the Irish mixed martial arts fighter, said he has one fight left on his UFC contract. [20] He said he cannot wait to be free to fight in Bare Knuckle Fighting Championship, where he is a part-owner. [20] He spoke after its event on Friday. [20] McGregor has won one of his five fights since 2018. [20]

Why it matters — His UFC contract has hung over every rumour about his next fight. [20] Once it ends, he can fight for a league he partly owns. [20]
11
A title rematch, and the fighter left outside

Joshua Van defends his UFC flyweight title against Alexandre Pantoja in Los Angeles on Saturday. [22] Van won it in December when Pantoja dislocated his elbow 26 seconds into their fight. [22] Pantoja was back in the gym two days later with his arm in a sling. [22] Muhammad Mokaev, a British fighter the UFC let go in 2024 after seven straight wins, has fought eight times since. [21]

Why it matters — Mokaev says the UFC offered him $10,000 for a jiu-jitsu match rather than a return. [21] He now signs one fight at a time so he can go back if the UFC asks. [21]
12
An actor steps in to fight Henry Cejudo

Henry Cejudo, an Olympic gold medallist and former UFC champion at two weights, boxes in Miami on 26 September. [23] The fight is for Misfits Boxing, a promoter built around online stars. [23] His first opponent, an influencer, pulled out less than two weeks before. [23] The replacement is Javon Walton, 20, an actor from the TV series Euphoria who has won three pro fights. [23]

Why it matters — Cejudo retired from the UFC after losing in December 2025. [23] Walton is under contract to another promoter, Most Valuable Promotions, which is lending him for one night to fill the main event. [23]
13
Katie Taylor retires as champion

Katie Taylor, the Irish boxer who won Olympic gold in 2012, fought for the last time on 5 September. [24] She beat Flora Pili on points in front of more than 80,000 people at Croke Park in Dublin. [24] She became undisputed junior welterweight champion for the second time. [24] ESPN's new top ten puts Claressa Shields first. [24] Chantelle Cameron rises to third after winning three of the four world titles at her weight. [24]

Why it matters — Taylor also held every title at lightweight. [24] Her retirement opens a place in the top ten for Caroline Dubois. [24]
14
New Zealand hands its netball league to private owners

Netball New Zealand has agreed in principle to let Anna Mowbray and her husband Ali Williams run its top league from 2027. [25] Williams played rugby for the All Blacks, and the couple already co-own Auckland FC, a football club. [25] The national body keeps the Silver Ferns national team and the community game. [25] Teams can now use two overseas players instead of one. [25]

Why it matters — New Zealand Rugby tried a similar split with the US investment firm Silver Lake in 2022. [25] It pulled its business and rugby sides back together under one boss in 2025. [25]
15
Rugby league's Dolphins face 14 free agents

The Dolphins, a club in Australia's National Rugby League, have 14 players who can leave on 1 November. [26] They include the centre Herbie Farnworth, man of the match in a 26-16 play-off win. [26] Chief executive Terry Reader says reported offers for his players are exaggerated. [26] He says players will earn about 20% more a season once the salary cap starts rising in steps from 2028. [26]

Why it matters — The Dolphins play a preliminary final first. [26] Reader says a club cannot match every offer, so he is counting on players choosing to stay together, as Penrith's core players did while that club won four titles. [26]
16
Henry Pollock says he has not signed

Henry Pollock, a young Northampton Saints forward, said on Monday that his new contract is not signed and he is open to offers. [27] Reports had put a deal at about 400,000 pounds a year. [27] His adviser is the boxing promoter Eddie Hearn, who says Pollock is worth 1m pounds a season. [27] Fans point out that English rugby's salary cap makes that figure unrealistic. [27]

Why it matters — Pollock helped Northampton win the league title last season and has brought in young fans. [27] The club's director of rugby joked it would have been good to settle it three weeks ago. [27]
17
Barbra Banda signs Orlando's biggest deal

Barbra Banda signed a new contract with Orlando Pride, of the US women's league, averaging well over $1m a year. [28] It is the biggest in the club's history, and it has no release clause. [28] Orlando says other clubs called offering world-record transfer fees. [28] A league rule from December 2025 lets clubs pay up to $1m above the $3.7m salary cap for star players. [28]

Why it matters — Banda has scored 16 goals in 20 games this season after injury cut short her 2025. [28] With no release clause, no rival can force a sale by paying a fixed sum. [28]
18
A college coach hired a sleep doctor

Charles Huff, Memphis's new American football coach, hired sleep physician Cheri Mah for about $20,000. [29] His first game kicked off at 9pm on his players' home clock, in Las Vegas. [29] Mah has worked with two Super Bowl-winning teams. [29] Players logged their sleep, turned rooms down to 68F and put phones away earlier. [29] In one Stanford study, sleeping more improved basketball shooting by 9%. [29]

Why it matters — A long-running study found West Coast teams beat the betting line 66% of the time in late East Coast games. [29] Huff says following her plan to the letter will give Memphis an edge. [29]
19
Florida State fires its sports director

Florida State University fired its athletic director, Michael Alford, on Monday. [30] The university's leaders said the decision was about the long term and not about the football coach, Mike Norvell. [30] Norvell has won 39 and lost 35 at the school. [30] His team is 1-1 and plays Alabama away on Saturday as a 19.5-point underdog. [30]

Why it matters — Last season the first coaches fired were at UCLA and Virginia Tech, after losing their first three games. [30] Norvell's boss is now gone before the season's third week. [30]
20
Shelton goes straight on to two team events

Ben Shelton lost the US Open final to Alexander Zverev on Sunday and rose to a career-high fourth in the world on Monday. [31] He was then named for the US Davis Cup team against the Czech Republic in Prague this week. [31] The weekend after, he plays for Team World at the Laver Cup at London's O2 Arena. [31][32] Taylor Fritz and Tommy Paul pulled out of the Davis Cup team. [31]

Why it matters — Zverev is also playing both events, for Germany and for Team Europe. [31] Andre Agassi and Yannick Noah return as the two Laver Cup captains. [32]

02 Lesson why it matters

Why a football club keeps asking its owners for more money

Most clubs lose money every year, so owning one means paying in again and again, and an owner who stops paying ends up owning less of it, or sells.

The twist

A football club is not bought once. Its owners pay for it again every year, and an owner who stops paying ends up owning less of it.

How it works

Most football clubs spend more each year than they earn
No spending cap stops rivals, and a club that falls behind can be relegated
So the owners cover the gap with new money, again and again
An owner who stops paying ends up owning a smaller share, or sells
The club passes to whoever can keep paying

The same force, elsewhere today

Where this chain is also running, in today's other stories.

Tottenham's 120m pounds

The Lewis family paid in for the third time in a year, and Daniel Levy, who did not join the June payment, saw his share fall from about 26% to 24%.
Chelsea's buyout

The owners had put in about 4.2bn pounds by mid-2025, and now two of them have taken cash and left, so the next bills fall to Clearlake.
New Zealand's netball league

The national body is handing the paid league to owners who can bring in more money, and keeping the national team and the community game.
Ki MMA's 60m dollars

A new league must spend on at least 13 events before a TV deal pays it anything, so its backers pay first and hope to earn later.

Where you've seen this

Start-up companies

Founders who do not put money into each new round of funding own a smaller slice after it.

Old houses

The price is paid once, but the roof, the damp and the boiler send bills every year.

Racing teams

A team that stops spending on a new car each season drops down the grid.

The catch

It holds where spending has no cap and teams can go down. American football has a salary cap and no relegation, and one adviser says that is what buyers of cheap English clubs forgot.

And the whole of it

The yearly bill does not stop at the owner. Players' wages, the staff at the ground and the fans in towns whose clubs are for sale all depend on someone still being willing to pay it next year.

03 Truth what's really going on

What is really going on

Clearlake, a Californian investment firm, now controls Chelsea because the 2022 deal let only group members buy the other owners' shares, and Todd Boehly and Mark Walter chose to take a reported 950m pounds and leave. [7][3] Further down English football, owners are selling for a different reason: the clubs lose money every year, and they are tired of covering it. [8]

Who gains

Clearlake Capital — It controls Chelsea and would take a bigger part of any gain if the club is sold later. [2]
Mark Walter — He turns a Chelsea stake into cash a month after selling the Lakers, and his spokesman says he expects a profit. [6]
Top tennis players — Grand Slam prize money rose to $415.6m across five events, and players count more than $30m above the old trend. [11]
Charlotte, North Carolina — It gets the WTA Finals for at least three years after the tour left its Saudi Arabia deal early. [12]
Orlando Pride — Barbra Banda's new contract has no release clause, so no rival can force a sale by paying a fixed fee. [28]

Who pays

Owners of clubs below the Premier League — A wage bill built for promotion stays when promotion does not come, and the owner covers the loss. [8]
Daniel Levy — He did not join Tottenham's June share issue, and his share of the club fell from about 26% to about 24%. [9]
Conor Benn — He dieted for 15 weeks to make the weight and lost his first world title fight in under four minutes. [10]
Young New Zealand netball players — Teams can now use two overseas players instead of one, which leaves fewer places for home players. [25]
Asian Games athletes — Hundreds had to leave their rooms in heavy rain, and roofs leaked at several venues before the Games began. [14]

What nobody knows yet

Open questions from across today’s stories — ours included.

01

Whether Hansjorg Wyss sold his 12.8% of Chelsea.

The BBC reports he sold. [1] Chelsea's statement, quoted by The Athletic and ESPN, says he stays in the ownership group, and Reuters says he joined Clearlake in buying the other stakes. [2][3][4]
02

What Chelsea is actually worth.

The reported deal values the club at 5bn pounds including debt. [3] Club valuers put it at a little over 3bn, and no official price has been published. [6]
03

How much Chelsea's owners paid for the club in 2022.

The BBC and The Athletic say 2.3bn pounds. ESPN says 2.5bn plus 1.75bn promised for investment, and Reuters cites 4.25bn; they count different things, and none is an audited figure. [1][2][3][4]
04

Whether the US investigation into Walter's companies played a part in his sales.

His spokesman says Walter did not start the Chelsea sale. [6] US federal investigators are looking at insurance companies he owns, and neither report ties that inquiry to the Chelsea sale. [1][6]
05

Whether Daniel Levy was offered part of Tottenham's new 120m-pound share issue.

The Athletic says it is not clear; he did not join in June, and his share fell. [9]
06

How much Conor Benn's weight cut decided the fight.

The fight ended after three minutes and 45 seconds, so nobody saw what the 15-week diet would have cost him in later rounds. [10]
07

What the new Grand Slam council will actually pay players.

Players asked for 22% of revenue, and the Slams have not agreed to that or to any formal revenue share. [11]
08

Whether Eumir Marcial can box in California and at the Asian Games four days apart.

The Asian Games boxing draw is hours after his professional fight, and he must fly, pass medical checks and recover in between. [16]
09

Whether Ki MMA can hold its tournament at all.

It has $60m but no TV deal, and no dates or places for any of the 13 events its format needs. [18]
10

Whether people will come to watch the Asian Games.

Organisers have had to work hard to sell tickets, and public interest in the host region has been muted. [14]

04 Hope carry this

Katie Taylor boxed for the last time in front of more than 80,000 people at Croke Park in Dublin. She won, and left the sport as undisputed champion.

Also true today

Japan has 7,300 registered cricket players and 16 grounds. On 22 September it plays India, the world Twenty20 champions, for the first time.
Prize money at tennis's four biggest tournaments has reached $415.6m across five events since players made their request. Players estimate more than $30m of it is above the old rate of growth.
Barbra Banda's 2025 was cut short by injury. This season she has scored 16 goals in 20 games and signed the biggest contract in Orlando Pride's history.