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Chelsea FC's Battersea Power Station stadium hopes extinguished

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Chelsea FC will not be building a new stadium on the site of Battersea Power Station (credit: Getty Images)
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Chelsea will not be building a new stadium on the site of the Battersea Power Station after a Malaysian consortium completed a £400million purchase of the London landmark.

The Blues, winners of the Champions League last season and a best-priced 16/1 with BetVictor to successfully defend that title, are considering moving away from Stamford Bridge and had lodged a bid to move to the iconic 39-acre site on the south bank of the River Thames.

The west Londoners released plans in May that detailed how they hoped to turn the derelict site into a 60,000-seat stadium incorporating the four famous chimneys.

Administrators Ernst & Young revealed last month they had shunned the Blues' offer, opting instead to name a Malaysian consortium as the preferred bidders.

And after a 28-day due diligence process, the consortium's bid has been rubber-stamped.

“Following a global marketing process that started in February 2012 and covered all major world wealth centres, a consortium comprising SP Setia, Sime Darby and the Employees' Pension Fund of Malaysia have exchanged contracts on the (Battersea) site for £400million,” a statement from Ernst & Young read.

The consortium have planning consent to build 3,500 homes and 1.7million square feet of office space. They also plan to build a tube station on the premises that will connect to the Northern Line.

Last year Chelsea failed in their bid to buy back the freehold of the 42,000-capacity Stamford Bridge from supporters group Chelsea Pitch Owners.
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Chelsea FC's Battersea Power Station stadium hopes extinguished

Chelsea will not be building a new stadium on the site of the Battersea Power Station after a Malaysian consortium completed a £400million purchase of the London landmark.

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