The sale of the site of Battersea Power Station to a Malaysian group has been completed, formally ending any prospect of Chelsea building a new stadium there.
The consortium, which was recently given preferred bidder status, has acquired the 39-acre plot of land by the south bank of the Thames for around £400m.
Chelsea submitted a bid for the site in May with a view to possibly building a 60,000-capacity ground, which would have included the power station’s four landmark chimneys.
“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 site for £400m,” site administrators Ernst & Young confirmed in a statement.
The successful bid set out plans for a complete revamp of the area, including an extension of the Northern Line of the London Underground.
Battersea was one of a number of options explored by Chelsea ahead of a possible move from Stamford Bridge – the club’s home for 107 years.
Their relocation plans are complicated by a disagreement with Chelsea Pitch Owners (CPO), a fan-owned company which bought the Bridge’s freehold in 1997 to protect it from developers.elocation
An attempt by the club to buy the freehold back in October was rejected by CPO’s shareholders.
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