Chelsea co-owner Eghbali backs tighter regulation for investment

Chelsea co-owner Behdad Eghbali has argued that increased regulatory oversight in European football would encourage more institutional capital to enter the sport, positioning clearer rules as a catalyst for multi-club investment strategies.Eghbali, a managing partner at Clearlake Capital, made the comments at the CAA World Congress of Sports, where investor interest in European football ownership structures and governance reform was a recurring theme.Behdad Eghbali said: “We do think there needs to be more kind of regulatory reform to enable multi-club [ownership].“We do think there’s going to be a lot of capital invested if that reform happens in European football, and that’s going to grow the game.”His comments come as UEFA and domestic leagues continue to tighten financial controls, while the market simultaneously sees high levels of spending and rising wage bills at the top end.Chelsea’s accounts have become a reference point in the debate, after the club reported pre-tax losses of nearly US$350m in the 12 months until June 2025, one of the largest deficits disclosed in the Premier League.Eghbali also used the session to reflect on operating realities for ownership groups, including the disruption and cost of leadership turnover during the season.He said the club’s 2022 decision to dismiss Thomas Tuchel “didn’t work out so well”, while describing more recent coaching instability as a drag on performance and continuity.Eghbali added: “The change wasn’t the club’s decision, for reasons I can’t speak about legally. I think the reasons will become kind of clear in due course. But no, it’s not a change we wanted to make.“It’s a change that’s had a bit of a negative impact on the season, when you’re changing systems and personnel. And it’s one we’ve got to fight out our way out of.”The remarks underline how investor-backed groups are trying to reconcile football’s short-term competitive pressures with longer-term asset building, particularly where multi-club models require consistent governance, predictable rules on ownership links and clarity on competition eligibility.Regulatory developments that affect cost controls, related-party transactions, squad spending and cross-club ownership are likely to remain central to dealmaking, with investors looking for frameworks that reduce uncertainty while keeping the market open to new capital.