Chelsea have failed in their bid to build a new stadium at Battersea Power Station in South-West London.
European champions fail in bid to build new stadium in Wandsworth
Chelsea have failed in their bid to build a new stadium at Battersea Power Station in South-West London.
Last month the Blues revealed that they had submitted an application to move to the 39-acre site in Wandsworth to build a 60,000 capacity stadium incorporating the four iconic chimneys and costing more than £1billion.
However, administrators revealed that a joint bid by two Malaysian companies - SP Setia and Sime Darby - had been chosen instead.
A statement from Ernst & Young read: "Following an extensive global marketing campaign, undertaken by Ernst & Young Real Estate Corporate Finance and Knight Frank LLP, the Joint Administrators are pleased to announce that on Wednesday 6 June 2012 they 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."
The Champions League winners said in March expanding their current home, Stamford Bridge, which has a capacity of 42,000, made no economic sense.
Chelsea are hoping to compete with the likes of Arsenal and Manchester United, who have stadiums in excess of 60,000.
