Chelsea chairman Todd Boehly and fellow shareholder Mark Walter are in talks to sell their stakes in the club to majority owner Clearlake Capital.
A potential deal could value the Premier League giants at more than £5 billion.
According to the Financial Times, Boehly and Walter have discussed selling their respective 12.8 percent holdings.
It would be a major change in the ownership structure just four years after the consortium completed its £2.5bn takeover.
Clearlake currently owns 61.5% of Chelsea, with the remaining 38.5% divided equally between Boehly, Walter and Swiss billionaire Hansjorg Wyss.
The club was acquired in 2022 with £1.75bn committed towards investment, but the latest discussions suggest Boehly and Walter believe their interests have increased in value.
Clearlake has previously been linked with buying out Boehly, while reports have also suggested it would consider purchasing the stakes held by the other minority shareholders.
The current discussions allows Boehly and Walter to cash in on their investment, although it remains unclear whether Wyss has any interest in following suit.
The ownership agreement reportedly contains restrictions preventing major shareholders from selling to outside investors during the first decade of the takeover.
Consequently, Boehly and Walter’s exit options are limited to Clearlake or Wyss.
The development comes at an interesting point in Boehly’s tenure. His five-year spell as Chelsea chairman is due to end in May 2027, when the position is expected to pass to Clearlake.
Boehly remains a co-controlling owner alongside Clearlake’s Behdad Eghbali and Jose E Feliciano, with major decisions requiring approval from all three.
Four years on since Roman Abramovich was forced to sell Chelsea, they continue to search for stability.
They have missed out on Champions League football in three of the past four seasons, are without a front-of-shirt sponsor, and haven’t addressed the issue of upgrading Stamford Bridge.
Their scattergun approach in the transfer market leaves the Blues with a bloated squad they are struggling to streamline.
Poor decision-making across the club is even seeping into the all-powerful and dominant Chelsea FC Women, as they lost their grip on the Women’s Super League crown.