Chelsea owner Todd Boehly will reportedly cut his day-to-day involvement at the club by half after they endured a poor season despite spending £600 million on new players.
The Blues will finish the American businessman’s first season in control in the bottom half of the Premier League.
Bloomberg reports that Boehly is now spending just 20 percent of his time on the running of the Stamford Bridge club – down from 50 percent in the months straight after his May 2022 takeover.
The £4.25bn buy-out last year saw a consortium which included Boehly and his private equity firm Clearlake Capital take over the running of Chelsea from Russian billionaire Roman Abramovich, who was sanctioned following his country’s invasion of Ukraine.
At first, according to Bloomberg, Boehly spent around half his time concentrating on day-to-day activities at Chelsea.
This will allow Boehly to devote more time to his other business commitments, including the Los Angeles Lakers basketball and Los Angeles Dodgers baseball teams.
He is also co-founder and chief executive officer of Eldridge Industries, the investment firm that backs the owner of Hollywood Reporter and Variety magazines.
Boehly, 49, was happy to spend hundreds of millions of pounds on new players in an effort to get Chelsea competing for the major honours in England and Europe.
They have paid over £600m in the last two transfer windows signing the likes of Enzo Fernandez, Wesley Fofana, Mykhaylo Mudryk, Marc Cucurella, and Raheem Sterling in a season which saw Thomas Tuchel and later Graham Potter dismissed as manager.
Chelsea would finish 12th in the Premier League table, which would be their worst season since a 14th-place finish in 1993-94.