For all the focus on Enzo Maresca's future, and the stir caused by Todd Boehly's initial transfer pursuits, there is one figure at Chelsea who really commands attention. That is co-owner Behdad Eghbali – often described as "very much the boss" by both insiders and rival executives. He is a distinctive presence, not least because his remarks frequently stand out, challenging football's usual expectations and aims.
This shouldn't come as a surprise. Eghbali co-founded Clearlake Capital, whose part-purchase of Chelsea made it the most prominent private equity fund in football. And private equity, as one rival put it, sees the game in a very different way from anything it has previously known.
Most Inside Football readers will be familiar with the model, but it's worth recapping: private equity pools investor money and puts it into undervalued companies, aiming to sell at a profit. The timescale varies – some funds are known for ruthless short-term practices, while others take a longer view. One source of tension between Boehly and Eghbali, for instance, is said to be over exit strategy: should Chelsea be sold in 10 years, or 30?
What really sets private equity apart, though, is its infrastructure. The funds employ some of the most sophisticated lawyers and accountants to exploit every possible loophole and grey area to maximise returns. That makes it distinct even from state ownership – though sovereign wealth funds are increasingly investing in private equity – because of the sharper focus on financial engineering.
All of this has fuelled an argument that Chelsea are not just altering their own direction, but beginning to change the very psychology of football – right down to the way Saturday's meeting with Liverpool might be played.
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