Chelsea Pitch Owners (CPO), who own the freehold and naming rights to Stamford Bridge, have voted in favour of accepting the club’s offer to buy their shares back, but The Blues did not receive the necessary backing for this to be completed.
Andre Villas Boas’ side are in the process of trying to buy back the shares from the fans in order to fund a new stadium move, and the owners voted on Chelsea’s proposal on Thursday.
Despite 61.6% of the participants voting in favour of the club’s plans, it was not enough to see the process completed, as a 75% majority was needed for it to be sanctioned.
The news will be a frustration for Chelsea’s owners, and this was conveyed in a statement to the press.
“At today’s (Thursday’s) general meeting of Chelsea Pitch Owners (CPO), 61.6 per cent of votes cast on Chelsea Football Club’s proposals to buy the freehold land on which the Stamford Bridge stadium sits were for the proposal,” it reads.
“However as 75 per cent of votes were needed, the proposals fail to pass. Chelsea FC is naturally disappointed with the result. A large number of fans supported our proposals but it was always going to be difficult when we had to have a 75 per cent majority of voting shareholders accepting them.
“We approached this process with transparency and the will to do what is best for Chelsea Football Club and while we will remain as ambitious as ever, this decision could slow down our progress.
“Despite the vote, the facts remain that the current structure could hinder the club,” it finishes.
The decision will be a stumbling block in the side’s plans to build a new stadium, as research has indicated that Stamford Bridge is unable to be renovated to increase capacity.
By Gareth McKnight