Battersea move is off for Chelsea FC
Chelsea FC have failed in their attempt to build a new 60,000-seater stadium at London's Battersea Power Station. The administrators chose a joint bid by two Malaysian companies to develop a 'multi-use real estate regeneration project'. The Malaysian offer is thought to have been at least £70m more than the nearest bidder.
Chelsea expressed their disappointment, but confirmed that they are considering other options. This could still include the site at Earls Court. Personally, I felt that it would be a shame if Chelsea moved south of the river. Such a big project on an enormously complex site might also have served as a distraction from matters on the pitch.
Any redevelopment of the 15-hectare site will be highly expensive. Restoring the brick power station could cost up to £180m. Under the proposed scheme the development tax to be paid to Wandsworth Council will amount to £211m. This would partially fund the £950m extension of the Northern Line from Vauxhall. The total bill including the purchase price and construction costs is likely to be around £1 billion. Chelsea are well out of it.