Chelsea Lose Bid for Battersea Power Station Plot

Chelsea FC have failed in their bid to acquire the land around Battersea Power Station for a new stadium with an Malaysian Company instead winning the bid.

The Champions League winners announced last month that they had submitted an application to move to the 39-acre south-west London site, medical which has been the subject of a string of failed regeneration schemes since the 1980s.

They had proposed to develop a stadium encompassing the restoration of the Grade II listed 1930s power station with its four landmark chimneys.

However, administrators revealed that a £400 million joint bid by the Malaysian companies SP Setia and Sime Darby had been chosen instead.

A statement from Ernst & Young said: “Following an extensive global marketing campaign, the joint administrators are pleased to announce that they [have] entered into an exclusivity agreement with SP Setia and Sime Darby and are working towards a timely exchange and completion of the site and associated land.”

Chelsea are considering a move from their Stamford Bridge home because its 42,000 capacity means they cannot generate the sort of revenue enjoyed by the likes of Arsenal and Manchester United, who have much bigger stadiums.