Todd Boehly, the Chelsea FC owner known for his turbulent four-year reign atop the football club, is moving on from the team after agreeing to sell his stake in partnership with Clearlake Capital in 2022. Now, he is aiming to unseat US private equity giant Carlyle in a battle to acquire the Russian oil company Lukoil’s international assets, valued at $20bn in March. The assets were put up for sale after US sanctions hit Lukoil last year, and Carlyle initially agreed to purchase them in January, though final US approval remains pending.

Boehly has assembled a powerful consortium including Gulf power brokers and the US government’s International Development Finance Corporation (DFC), led by Ben Black, son of disgraced Apollo financier Leon Black. The group also features Sheikh Tahnoon bin Zayed al-Nahyan, brother of the UAE president, and Qatar’s Al-Khayyat family, who have ties to Trump administration figures through projects like a controversial Albanian property development involving Ivanka Trump and Jared Kushner.

According to sources, Sheikh Tahnoon’s International Holding Company will lead the consortium with Allied Investment Partners of the UAE, while the Al-Khayyat family takes a smaller stake. Boehly and the DFC would control a majority of the board. This puts Carlyle in a difficult position as it faces competition backed by the US government and Trump-aligned investors.

Despite recent pressure over his insurance holdings at Security Benefit and legal scrutiny facing his longtime partner Mark Walter, Boehly continues pursuing large deals. Due Diligence notes that Lukoil’s valuation makes the fight worthwhile for Boehly’s next act.