Abramovich insists Chelsea's Battersea plan is self-funded


Chelsea's prospective move to the Battersea Power Station site will not be bankrolled by the club's owner Roman Abramovich, who is not planning to make up any shortfall on funds earned by the potential redevelopment of Stamford Bridge to finance the new project.

The club announced yesterday its intention to bid for the historic site on the southern bank of the Thames, with a view to building a 60,000-capacity stadium, including a 15,000 single tier south stand. The move was given tentative approval by supporters although there are huge issues to address, not least the ownership of the Stamford Bridge freehold by the Chelsea Pitch Owners (CPO) shareholders.

The club has not ruled out bidding for the Earls Court site, to the north of its present stadium, which is currently set to be developed for residential and shopping use. There are still provisions in the Earls Court supplementary planning document that would allow a stadium to be built on that land if owners Capco change direction.

However, Battersea remains the favourite location for the club, even though it faces stiff competition from up to 10 other bidders. Chelsea hope to make their offer stand out by promising a "significant" contribution to the planned Northern Line extension.

It is unclear how the move will be financed. The club believes that the redevelopment of Stamford Bridge, around 12 acres of prime west London land, would not be enough to pay for the acquisition of Battersea and building the stadium. Chelsea have suggested in the past that the total cost of a new stadium, including land, would be £550-600m. It is not clear how much a redeveloped Stamford Bridge, Chelsea's home for their entire 107-year history, would be worth.

The club said yesterday that its developers, Almacantar, had already produced plans for the power station site. "The four iconic chimneys and wash towers, along with the Grade II-listed west turbine hall and control room, will be restored and retained in their original locations and provide a unique architectural backdrop to a world-class stadium with a capacity of around 60,000 seats," it said.

The club has no immediate plans to hold a vote among the CPO shareholders who rejected Chelsea's proposal to buy back the freehold of the pitch and stands at Stamford Bridge in October. In order to redevelop the ground to finance the move, Chelsea would need ownership of the freehold, which requires 75 per cent of shareholders to vote in favour.

The club intends to work more closely with CPO shareholders and supporters' groups this time.

The London Borough of Hammersmith and Fulham, under whose jurisdiction Stamford Bridge and Earls Court fall, said yesterday it would "explore all possible avenues" to keep the club in the borough. However, Chelsea have come to regard their local council as an obstacle to increasing Stamford Bridge's 41,800 capacity.

FootballGerman sparks three goals in four minutes at favourite No 10 role
Rumer was diagnosed with bipolarity, attention deficit hyperactivity disorder and post-traumatic stress disorder: 'I was convinced it was a misdiagnosis'
peopleHer debut album caused her post-traumatic stress - how will she cope as she releases her third record?
A long jumper competes in the 80-to-84-year-old age division at the 2007 World Masters Championships
Have you tried new the Independent Digital Edition apps?
Radamel Falcao was forced to withdraw from the World Cup after undergoing surgery
premier leagueExclusive: Reds have agreement with Monaco
Arts and Entertainment
'New Tricks' star Dennis Waterman is departing from the show after he completes filming on two more episodes
tvHe is only remaining member of original cast
Life and Style
Walking tall: unlike some, Donatella Versace showed a strong and vibrant collection
fashionAlexander Fury on the staid Italian clothing industry
Arts and Entertainment
Gregory Porter learnt about his father’s voice at his funeral
Arts and Entertainment
tvHighs and lows of the cast's careers since 2004
Life and Style
Children at the Leytonstone branch of the Homeless Children's Aid and Adoption Society tuck into their harvest festival gifts, in October 1936
food + drinkThe harvest festival is back, but forget cans of tuna and packets of instant mash
Lewis Hamilton will start the Singapore Grand Prix from pole, with Nico Rosberg second and Daniel Ricciardo third
F1... for floodlit Singapore Grand Prix
New Articles
Life and Style
Couples have been having sex less in 2014, according to a new survey
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam