As expected, Chelsea have failed in their bid to build a new stadium at Battersea Power Station. The administrators revealed on Thursday morning 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 European champions are considering moving away from their Stamford Bridge home to a bigger stadium and an increase in matchday revenues. Click here to reach the No1 destination for hard news and exciting gossip on Chelsea