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.

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

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

Day In a Page

Save the tiger: The animals bred for bones on China’s tiger farms

The animals bred for bones on China’s tiger farms

The big cats kept in captivity to perform for paying audiences and then, when dead, their bodies used to fortify wine
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK

A former custard factory, a Midlands bog and a Leeds cemetery

Introducing the top 50 hidden spots in Britain
Ebola epidemic: Plagued by fear

Ebola epidemic: Plagued by fear

How a disease that has claimed fewer than 2,000 victims in its history has earned a place in the darkest corner of the public's imagination
Chris Pratt: From 'Parks and Recreation' to 'Guardians of the Galaxy'

From 'Parks and Recreation' to 'Guardians of the Galaxy'

He was homeless in Hawaii when he got his big break. Now the comic actor Chris Pratt is Hollywood's new favourite action star
How live cinema screenings can boost arts audiences

How live cinema screenings can boost arts audiences

Broadcasting plays and exhibitions to cinemas is a sure-fire box office smash
Shipping container hotels: Pop-up hotels filling a niche

Pop-up hotels filling a niche

Spending the night in a shipping container doesn't sound appealing, but these mobile crash pads are popping up at the summer's biggest events
Native American headdresses are not fashion accessories

Feather dust-up

A Canadian festival has banned Native American headwear. Haven't we been here before?
Boris Johnson's war on diesel

Boris Johnson's war on diesel

11m cars here run on diesel. It's seen as a greener alternative to unleaded petrol. So why is London's mayor on a crusade against the black pump?
5 best waterproof cameras

Splash and flash: 5 best waterproof cameras

Don't let water stop you taking snaps with one of these machines that will take you from the sand to meters deep
Louis van Gaal interview: Manchester United manager discusses tactics and rebuilding after the David Moyes era

Louis van Gaal interview

Manchester United manager discusses tactics and rebuilding after the David Moyes era
Will Gore: The goodwill shown by fans towards Alastair Cook will evaporate rapidly if India win the series

Will Gore: Outside Edge

The goodwill shown by fans towards Alastair Cook will evaporate rapidly if India win the series
The children were playing in the street with toy guns. The air strikes were tragically real

The air strikes were tragically real

The children were playing in the street with toy guns
Boozy, ignorant, intolerant, but very polite – The British, as others see us

Britain as others see us

Boozy, ignorant, intolerant, but very polite
How did our legends really begin?

How did our legends really begin?

Applying the theory of evolution to the world's many mythologies
Watch out: Lambrusco is back on the menu

Lambrusco is back on the menu

Naff Seventies corner-shop staple is this year's Aperol Spritz