Chelsea to reconsider Bridge expansion- 11 Jun 2012 00:00:00
Chelsea’s local council has reopened talks to keep the club at its Stamford Bridge home after the Champions League winners suffered disappointment in its bid to develop a new stadium at the Battersea Power Station site.
The Barclays Premier League club was one of around 15 bidders who submitted plans to buy the protected site on the south bank of the River Thames.
Chelsea was aiming to transform the site into a 60,000-seat venue, with the bid marking the latest effort by the club to resolve its current stadium limitations at Stamford Bridge.
However, Ernst & Young LLP, the joint administrators and receivers of the property, last week selected Malaysia’s SP Setia Bhd and Sime Darby Bhd’s property arm to enter into an exclusivity agreement, which is set to see the companies acquire the site for £400 million.
SP Setia and Sime Darby now have a 28-day period of ‘due diligence’ to prove everything is in place to carry out their housing-led regeneration project of the site, and it increasingly looks like Chelsea will have to return to studying its options at Stamford Bridge.
The club’s local council, Hammersmith & Fulham, stated in March that it would be far more expensive to develop a new stadium.