Chelsea is set to be disappointed in its bid to develop a new stadium at London's iconic Battersea Power Station site, Reuters reported. The UEFA Champions League winner was one of around 15 bidders who this month submitted plans to buy the protected site on the south bank of the River Thames.
Chelsea is aiming to transform the site into a 60,000-seat venue, with the bid marking the latest effort to resolve its current stadium limitations at Stamford Bridge. Chelsea believes its plan can create one of the most iconic football stadia in the world, but admitted it is not guaranteed to succeed with the bid and has not elected to abandon the option of redeveloping Stamford Bridge.
Reuters, citing a source close to the sale process, stated that Malaysian real estate company SP Setia and veteran British developer Godfrey Bradman are leading the chase to buy the site with one other bidder also in the frame. Chelsea's bid is described as "way off the pace" and an announcement on the future of the site could be made this week, reports SportBusiness.
Chelsea has said that the prospect of renovating Stamford Bridge to a 60,000-seat capacity would be unlikely, adding that the planning risks would probably be "insurmountable".
However, Hammersmith and Fulham Council, a long-time supporter of Chelsea retaining its Stamford Bridge roots, believes an expanded venue is possible at the site. It also believes a move away would likely cost far more than the £600 million figure Chelsea has previously cited to redevelop its home of 107 years.
Stamford Bridge is only the eighth-largest stadium in the Premier League and club officials are concerned that this may place Chelsea at a financial disadvantage in the match day revenue stakes.
