CPO chairman Richard King stands down

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The Independent Football

Chelsea Pitch Owners chairman Richard King confirmed his resignation from the board today, 24 hours after Roman Abramovich's bid to purchase the Stamford Bridge freehold ended in failure.

King concluded yesterday's stormy extraordinary general meeting of CPO, during which Abramovich's proposal was defeated, by announcing he would make a statement about his future today.

That was widely interpreted as a hint he planned to stand down, which he did this afternoon after eight years as chairman of the company set up by the club in the 1990s to prevent them being made homeless by property developers.

King said in a statement on Chelsea's official website, www.chelseafc.com: "After eight years, I have decided to step down as chairman and from the board of directors of Chelsea Pitch Owners plc and its subsidiaries.

"My decision was made some time ago but I felt obliged to remain in office until the process that led to yesterday's general meeting of the company was concluded.

"During that process, I worked closely with the legal advisers to the company to ensure that it was conducted in a proper manner and I believe that aim was achieved.

"I wish CPO every success in continuing to play a positive role in the future of Chelsea Football Club."