Sports
Chelsea are learning the hard way that co-owners rarely work in football
The night before Liverpool’s former owners faced the media for the first time at Anfield in February 2007, a meeting was held about the running order for business.
George Gillett, a junk bond millionaire, had initially been batted away from the club because he did not have deep enough pockets. To change his possibilities, he enlisted the help of Inner Circle Sports, an investment bank from New York City. Ultimately, the conversations sent him to Tom Hicks, someone he’d worked with before after they put money into a meat-packing company.
Hicks’ interest in Liverpool came relatively late, and because of this — according to one club official present at the time but who spoke to The Athletic on condition of anonymity to protect their current position — it was suggested that Gillett should field the earliest questions in the press conference. Hicks was having none of it. “I’ll go first,” he said. And he got his way.
It was an early indication that this marriage was never likely to last. Within a few months, the club was unofficially in the grip of a civil war, with the co-owners no longer on speaking terms.
Their reign staggered on for three agonising years before a High Court ruling led to another sale, this time to Fenway Sports Group (FSG), with the whole exercise just serving to underline how difficult it is to make co-ownership work in the high-stakes world of Premier League football.
George Gillett (left) and Tom Hicks unveil their plans for Liverpool in 2007 (Christopher Furlong/Getty Images)
All of which brings us to Chelsea, and the strife between co-owners Todd Boehly and Behdad Eghbali, of Clearlake Capital.
The London club’s fans may not appreciate the parallel, but they could do worse than look north if they wished to understand how and why things can go so wrong so quickly with joint owners.
In the Gillett role, you have Boehly. Both are American businessmen with pre-existing sporting interests (Gillett owned ice hockey’s Montreal Canadiens, Boehly part-owns baseball’s LA Dodgers) who were wealthy enough to control one of England’s biggest sporting institutions, but not quite rich enough to do that and fulfil those clubs’ vast ambitions.
The parallels don’t end there. Gillett only completed his takeover after other bidders failed. With Liverpool urgently needing money to fund a new stadium project, he returned with Hicks.
At Chelsea, it was only possible for Boehly to claim the club as his own because of money from Clearlake and Eghbali. And here, too, time was of the essence: the UK government had set a deadline of May 31, 2022 for Chelsea to be sold amid ongoing sanctions against the previous owner, Roman Abramovich, a Russian oligarch.
Since the takeover’s completion, Boehly has taken many of the headlines but Eghbali has played a big part in a lot of internal processes and decision-making. It was the same at Liverpool, where Hicks — despite being introduced to the club by Gillett — always tended to come first when their names were mentioned in tandem.
If anything, Liverpool’s ownership partners fell out even quicker than Chelsea’s. In Brian Reade’s book about the period, An Epic Swindle, he quotes an unnamed senior football executive and a Liverpool fan who met both owners individually.
“It was only two months into their joint ownership of the club but George was talking about his view versus his partner’s view. When I later had lunch with Tom and some of his American associates, I asked about the dynamics of their relationship. Tom shrugged and said, ‘You’d better ask him,’ pointing at a senior figure from Inner Circle Sports, who had brought the two together for the deal.”
From the beginning, there was a lack of understanding about who was really in charge at Liverpool. This stemmed from the fact each partner had an equal number of shares — a difference to Boehly and Clearlake, with the latter’s stake totalling 61.5 per cent and Boehly’s less than 13 per cent.
By December 2007, with further differences being exposed around whether to revamp Anfield or relocate from it — sound familiar, Chelsea fans? — Gillett had already started exploring an exit strategy, having realised he’d made a monumental mistake with his choice of partner.
The challenges of running a business in the meat industry were a little different to a football club the size of Liverpool: a responsibility that invites emotion, attention and criticism, with each factor testing a person’s ego. Those who dealt with Hicks — a brash Texan whose investment firm had initially made money in radio and soft drinks — suggest he had one as big as Mount Rushmore.
Personality clashes are often at the root of co-ownership implosions, although tensions are often strategic as much as personal.
Take Crystal Palace, probably the club whose current ownership issues most closely resemble Chelsea’s in the top flight.
In 2010, Palace were brought out of administration by a group of wealthy local supporters led by Steve Parish. After an unexpected promotion to the Premier League in 2013 and a couple of seasons of struggle, the ownership model changed, with Parish seeking outside investment from America in the form of private equity tycoons Josh Harris and David Blitzer, who bought stakes in 2015, and John Textor, who purchased around 40 per cent of the club six years later. His stake has since crept up to 45 per cent.
John Textor wants full control of a Premier League club (Wagner Meier/Getty Images)
Despite their vastly differing-sized stakes, Parish, Textor, Harris and Blitzer all have an equal voting share, which is a problem given the strategic differences between them.
Parish, who runs Palace day to day, wants to follow a long-term sustainable economic model, based around infrastructure improvements, while Textor is keen to attack the transfer market and take advantage of the other elements of his Eagle Football multi-club model (he also owns Ligue 1 club Olympique Lyon, Brazil’s Botafogo and Belgian side RWD Molenbeek). Blitzer and Harris seem happy, by and large, to retain the status quo.
It would be stretching it to claim Palace are in the grip of a Chelsea-style civil war, but the strategic impasse effectively means the club is stuck — hence why Textor is now trying to sell his Palace stake and buy Everton, which Farhad Moshiri has been trying to sell for a couple of years.
Officially, Moshiri has been the sole owner of Everton since 2016 when he displaced the late Bill Kenwright, who stayed on as chairman. Although Kenwright’s power was gone, he remained influential and a high-profile presence around the club, a point which created its own issues. His views did not always align with Moshiri, notably around decisions such as sacking manager Roberto Martinez in 2016 and around some transfers, and the result was barely-controlled chaos.
There was, perhaps, something similar at play with Newcastle United and the recent departures of Amanda Staveley and Mehrdad Ghodoussi — the couple who helped secure the club’s Saudi Arabian-backed takeover in 2021.
Amanda Staveley and Mehrdad Ghodoussi watching Newcastle United in August 2023 (Stu Forster/Getty Images)
At that point, there was no sporting director or CEO at the club, so Staveley and Ghodoussi assumed responsibility for those areas until an executive team was eventually put in place, becoming the public faces of the club’s executive team. But their influence was belied by their 10 per cent ownership stake.
Ultimately, once those pre-existing vacancies had been filled, there was a sense of too many competing voices and, in that scenario, there was only ever going to be one winner.
Will the same thing happen at Manchester United? INEOS and the Glazer family have never worked together before. Sir Jim Ratcliffe has had much influence over the club since his investment but it will be interesting to see what sort of pressure he is subjected to internally if results on the pitch continue.
Co-ownership structures can be a success, but only — it would seem — when the partnerships are not flung together simply through circumstance. Wrexham’s duo of Ryan Reynolds and Rob McElhenney seem to have found a way to work in harmony, although if their project ever reaches the Premier League, with all the attendant scrutiny and financial demands, that partnership could come under renewed scrutiny.
Who knows where Chelsea will be by then? Either way, the chances of Boehly and Egbhali still being in partnership seem minimal.
(Top photos: Getty Images)
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LeBron James got the last laugh on Sunday night as he sank two free throws in the final 3.9 seconds to lift the Los Angeles Lakers over the Phoenix Suns, 116-114.
James may be in the twilight of his career, but he showed he still had some fight. He was battling with Suns forward Dillon Brooks throughout the night. The two got into multiple skirmishes as the intensity was turned up a notch.
Phoenix Suns forward Dillon Brooks fouls Los Angeles Lakers forward LeBron James (23) during the second half of an NBA basketball game, Sunday, Dec. 14, 2025, in Phoenix. Brooks was ejected from the game after the foul. (AP Photo/Rick Scuteri)
As the game came down to the wire, Brooks hit a clutch 3-pointer to put the Suns up one point with 12.2 seconds left. James ran through him and knocked him down. Brooks got back up and stuck his chest out to ever-so-gently tap James.
A referee came over to stop the conflict from escalating any further. Brooks was ejected from the game.
“I just like to compete,” James said of going up against Brooks, via ESPN. “He’s going to compete. I’m going to compete. We’re going to get up in each other’s face. Try not to go borderline with it. I don’t really take it there. But we’re just competing and did that almost all the way to the end of the game.”
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Phoenix Suns forward Dillon Brooks (3) and Los Angeles Lakers forward Lebron James (23) react after a turnover during the second half of an NBA basketball game, Sunday, Dec. 14, 2025, in Phoenix. (AP Photo/Rick Scuteri)
Suns star Devin Booker supported Brooks’ intensity.
“Yeah, I mean there’s history there,” he said. “I love to see it. People always say everything’s too friendly in the NBA and then Dillon comes around and now it’s too much. So like I said, I’d rather it the other way — that it’d be too much.”
James scored 26 points on 8-of-17 from the field. Luka Doncic led Los Angeles with 29 points and six assists. The Lakers improved to 18-7 with the win.
Los Angeles Lakers guard Luka Doncic (77) looks to shoot over Phoenix Suns guard Devin Booker, front left, during the first half of an NBA basketball game, Sunday, Dec. 14, 2025, in Phoenix. (AP Photo/Rick Scuteri)
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Brooks had 18 points in 25 minutes. Booker led the team with 27 points and was 13-of-16 from the free-throw line. Phoenix is 14-12 on the year.
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Who’s going to beat them?
Who’s going to stop the unstoppable offense? Who’s going to score on the persistent defense? Who’s going to outwit the coaching genius?
Who can possibly halt the Rams on their thunderous march toward a Super Bowl championship?
After yet another jaw-dropping Sunday afternoon at a raucous SoFi Stadium, the answer was clear.
Nobody.
Nobody can spar with the Rams. Nobody can run with the Rams. Nobody can compete with the Rams.
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Gary Klein breaks down what went right for the Rams in their 41-34 victory over the Detroit Lions at SoFi Stadium on Sunday.
Nobody is talented enough or deep enough or smart enough to keep the Rams from winning their second Super Bowl championship in five years.
Nobody. It’s over. It’s done. The Rams are going to win it all, and before you cry jinx, understand that this is just putting into words what many already are thinking.
The Rams’ second-half domination of the Detroit Lions in a 41-34 win should again make the rest of the league realize that nobody else has a chance.
The Seahawks? Please. The 49ers? No way. The Eagles? They’ve been grounded. The Bears? Is that some kind of a joke?
The Patriots? Not yet. The Broncos? Not yet. The Bills? Not ever.
The Rams trailed by 10 points at one juncture Sunday and then blew the Lions’ doors off in the second half to clinch a playoff berth for the seventh time in nine seasons under Sean McVay, setting them up for the easiest ride in sports.
With a win in Seattle on Thursday night — and, yes, they should beat a team that just barely survived Old Man Rivers — the Rams essentially will clinch the NFC’s top seed and home-field advantage throughout the playoffs.
That means they have to win only two games at SoFi to advance to a Super Bowl at Levi’s Stadium in Santa Clara. That means they can win a championship without leaving California, three games played in the sort of perfect climate that gets the best out of their precision attack.
And as Sunday proved once again, they’re good enough to win three essentially home playoff games against anybody.
“I love this team,” McVay said.
There’s a lot to love.
They have an MVP quarterback, the league’s most versatile two-headed running attack, an interior defense that gets stronger under pressure, and the one weapon that no team can match.
They have Puka Nacua, and nobody else does.
Rams wide receiver Puka Nacua is tackled by Detroit cornerback Amik Robertson during the second half Sunday.
(Eric Thayer / Los Angeles Times)
Is he unbelievable or what? He is Cooper Kupp in his prime, only faster and stronger. He caught a career-high 181 yards’ worth of passes on yet another day when he could not be covered and barely could be tackled.
“He’s unbelievable,” McVay said. “He’s so tough, a couple of times he just drags guys with him … he epitomizes everything we want to be about … he’s like Pac-Man, he just eats up yards and catches.”
Pac-Man? The Rams even score on their old-school references.
In all, it was another Sunday of totally fun football.
They outscored the league’s highest-scoring team 20-0 at one point, they outrushed the league’s toughest backfield 159-70, they racked up 519 total yards against a team once thought destined for a championship.
And they did it with barely a smile. With the exception of Nacua repeatedly banging his fist to his chest — can you blame him? — the Rams are steady and steadfast and just so scary.
”All we want to do is go to work and find a way to be better,” said Matthew Stafford, who likely answered the crowd’s chants by clinching the MVP award with 368 yards and two touchdown passes. “It’s a fun group right now but we understand there’s more out there for us.”
Lots, lots, lots more.
This year a similar column appeared in this space regarding the Dodgers. By the first round of the playoffs, one just knew that they were going to run the table.
The same feeling exists here. The Rams look unrelenting, unfazed, unbeatable.
“Guys just kept competing, staying in the moment,” McVay said.
This moment belongs to them. One knew it Sunday by the end of the first half, which featured a Stafford interception and a struggling secondary and Jared Goff’s vengeful greatness and a 10-point Lions lead.
Rams quarterback Matthew Stafford passes in the first half of a 41-34 win over the Detroit Lions at SoFi Stadium on Sunday.
(Eric Thayer / Los Angeles Times)
Then the Rams drove the ball nearly half of the field in 30 seconds in a push featuring Stafford and Nacua at their best. Stafford connected with Nacua on a brilliant 37-yard pass in the final moments that led to a Harrison Mevis 37-yard field goal to close the gap to seven.
“Right before that I told the guys, ‘Let’s go steal three,’” Stafford said.
Turns out, they stole a game.
“One of the key and critical sequences,” McVay said of that late first-half hammer, which led to a dazzling third quarter that finished the flustered Lions.
“We never panic,” Blake Corum said. “Because we know … what we have to bring to the table.”
What they’ve increasingly been bringing is a running attack that perfectly complements the awesome passing attack, as evidenced Sunday by Corum and Kyren Williams combining for 149 yards and three touchdowns.
The Lions’ more vaunted backfield of Jahmyr Gibbs and David Montgomery? Seventy yards and one score.
“We push each other to the limit,” Corum said of Williams.
Rams running back Kyren Williams stiff-arms Detroit Lions safety Erick Hallett II during the first half Sunday.
(Eric Thayer / Los Angeles Times)
Potentially disturbing was how one noted Ram may have pushed past his limits, as receiver Davante Adams limped off the field early in the fourth quarter after apparently reinjuring his troublesome hamstring.
To lose him for the playoffs would be devastating, as he frees up space for Nacua and is almost an automatic touchdown from the five-yard line and closer.
Then again he’ll have a month to heal. And the Rams still have a bruising array of tight ends led Sunday by the touchdown-hot Colby Parkinson, who caught 75 yards’ worth of passes and two scores, including one inexplicable touchdown in which he clearly was down at the one-yard line.
The Rams got lucky there. But even if the right call was made, they would have scored on the next couple of plays. The way the Rams attacked, they could have been scoring all night.
“You knew that it was going to be that kind of game where there was some good back-and-forth,” McVay said. “You needed to be able to know that points were going to be really important for us, and our guys delivered in a big way.”
Just wait. By the time this season is done, McVay’s guys will have delivered a trophy representing something much bigger.
It rhymes with Strombardi.
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Kansas City Chiefs star Patrick Mahomes will be out for the rest of the season as he suffered a torn ACL on Sunday in a loss to the Los Angeles Chargers, according to multiple reports.
Mahomes’ knee buckled while he was scrambling and as he was getting hit by Chargers defensive end Da’Shawn Hand. He was helped off the field and he limped to the locker room. An MRI reportedly confirmed the extent of the damage.
Kansas City Chiefs quarterback Patrick Mahomes grabs his knee after being injured during the second half of an NFL football game against the Los Angeles Chargers, Sunday, Dec. 14, 2025 in Kansas City, Missouri. (AP Photo/Reed Hoffmann)
The quarterback wrote a message to fans as word of his injury trickled out.
“Don’t know why this had to happen,” Mahomes wrote on X. “And not going to lie (it) hurts. But all we can do now is Trust in God and attack every single day over and over again. Thank you Chiefs kingdom for always supporting me and for everyone who has reached out and sent prayers. I Will be back stronger than ever.”
Chiefs coach Andy Reid offered a gloomy outlook for Mahomes as he spoke to reporters following the loss.
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Los Angeles Chargers linebacker Odafe Oweh (98) sacks Kansas City Chiefs quarterback Patrick Mahomes (15) during the second half at GEHA Field at Arrowhead Stadium on Dec. 14, 2025. (Jay Biggerstaff/Imagn Images)
“… It didn’t look good,” Reid said when asked whether he knew if Mahomes’ injury was serious. “I mean you guys saw it. We’ll just see where it goes.”
The loss to the Chargers also meant the Chiefs will not be making the postseason. Kansas City made it to the AFC Championship each season since 2018. They made it to the Super Bowl in each of the last three seasons, winning two titles in that span.
Mahomes will finish the season with 3,398 passing yards and 22 touchdown passes.
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Kansas City is 6-8 on the year.
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