Blues stadium blow confirmed
Rival bid completes purchase of iconic Battersea site
Last Updated: July 5, 2012 5:28pm
Chelsea's Battersea Power Station hopes are officially over
Chelsea's hopes of building a new stadium at Battersea Power Station are officially over after a Malaysian consortium completed their £400million purchase of the landmark site and its surrounding area.
Having been frustrated in their attempts to expand Stamford Bridge, the Blues had begun to eye alternative areas to build a new stadium.
One of those was the iconic 39-acre Battersea Power Station on the south bank of the River Thames.
Back in May the club revealed plans to build a 60,000 seater stadium on the site, incorporating the famous power station chimneys into the design.
However, Chelsea's hopes were dashed last month when administrators Ernst & Young revealed they had rejected their offer in favour of a Malaysian consortium.
After a 28-day due diligence process the consortium's bid, which includes 3,500 homes, office space and a new tube station, has now been officially confirmed.
"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 [Battersea] site for £400m," said a statement from Ernst & Young.