Chelsea bid for stadium land fails
London: Chelsea have failed in a bid to buy the free-hold land on which Stamford Bridge sits after failing to get enough votes from the Chelsea Pitch Owners Shareholders to secure the purchase.
A vote of 75 per cent was needed from the group however only 61.6 per cent agreed with the plans and a result the proposal fell through.
Chelsea chairman Bruce Buck admitted he was disappointed by the outcome of the vote but respected the decision of the CPO.
He told the club's official website: "Obviously we are disappointed but we recognise and we respect totally that the shareholders of Chelsea Pitch Owners have spoken. We will meet with Mr Abramovich and the rest of the board and we will decide what action, if any, we will take going forward.
"I don't view this as an us and against you, we against they situation. We are all Chelsea fans and I can only hope that on Saturday we can get together and support this club and beat Arsenal."
The decision to attempt to buy back the land was seen as a sign of the club wanting to move away from Stamford Bridge to a new stadium in London.
This potential move was opposed by a group known as 'Say No CPO' who were not happy with the new agreements that would be put in place should the Blues have moved away from Stamford Bridge.
Chelsea sold the land to the CPO in the 1990s to ensure the club were not made homeless, however now the decision may have prevented them from moving away from the ground for the near future.
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A vote of 75 per cent was needed from the group however only 61.6 per cent agreed with the plans and a result the proposal fell through.
Chelsea chairman Bruce Buck admitted he was disappointed by the outcome of the vote but respected the decision of the CPO.
"I don't view this as an us and against you, we against they situation. We are all Chelsea fans and I can only hope that on Saturday we can get together and support this club and beat Arsenal."
The decision to attempt to buy back the land was seen as a sign of the club wanting to move away from Stamford Bridge to a new stadium in London.
This potential move was opposed by a group known as 'Say No CPO' who were not happy with the new agreements that would be put in place should the Blues have moved away from Stamford Bridge.
Chelsea sold the land to the CPO in the 1990s to ensure the club were not made homeless, however now the decision may have prevented them from moving away from the ground for the near future.
(Follow IBNLive.com on Facebook, on Twitter, on YouTube, and on Google+ for updates that you can share with your friends.)
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