Chelsea are unlikely to see a completed redevelopment of Stamford Bridge or whatever other stadium plans the club have before 2030 according to Chelsea Pitch Owners (CPO) Chairman Chris Isitt, speaking to the group's Annual General Meeting. The Blues are still exploring a number of options as they look to invest in their infrastructure.
The CPO is the company that holds the freehold of Stamford Bridge stadium and the name Chelsea FC. It's a group made up of over more than 23,000 individual shares with the purpose of protecting the future of Stamford Bridge while allowing supporters to own part of the football club. Chelsea pay a nominal rent to make use of the pitch.
Upon announcing the agreement to buy Chelsea, the Boehly-Clearlake group made a number of commitments. Stamford Bridge was central to the areas they had indicated for investment. They said: "The proposed new owners will commit £1.75bn in further investment for the benefit of the club. This includes investments in Stamford Bridge, the academy, the women’s team and Kingsmeadow and continued funding for the Chelsea Foundation."
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The Blues have already made some small adjustments to Stamford Bridge, with the ambition of Todd Boehly and co also to make the ground a venue where supporters hope to spend time around the 90 minutes on the pitch. The US businessman noted this change in approach to Premier League stadiums as early as 2019.
In opening the CPO meeting, Isitt acknowledged. the owners' commitment to invest in the club, the group had to commit to £1.75bn in addition to the funds used to purchase Chelsea itself, that would partially be directed towards the stadium. The chair also revealed a comment the club provided for the occasion.
It read: "As our new owners said in their first communication after acquiring the club, they are committed to growing Chelsea as a global platform, including investing in infrastructure and across a range of areas. We are exploring all options to ensure a stadium solution which makes the most sense for the club, our fans and our community. We are looking forward to working closely with the CPO as we consider and assess the different options available to us."
Isitt went on to reference the coverage of Chelsea's bid for the Stoll site close to Stamford Bridge, and indicated that CPO, is set to be consulted on matters moving forwards.
He added: "You will have seen media coverage of the Club's bid for the Stoll site adjacent to the ground. It was just one of many bids that have been made for the site, and a decision from Stoll's trustees is unlikely to be made immediately. The Club has confirmed again that they will consult on key matters throughout the process, to paraphrase 'not because they have to, but because they want to". In any event, we understand that whatever shape the project eventually takes, it is unlikely to be completed before 2030."
In October, Chelsea co-owner Jonathan Goldstein that the club hoped to get plans underway within 12 months. Though he did acknowledge issues with interest rates.
He said: "The planning process is something which we will start during the course of the next year and we'll hope central government will get behind it and see it as an engine for growth. The only problem, of course, is the management of interest rates because it makes it so much more expensive to develop," he added, before being asked whether Chelsea will stall their plans.
To which Goldstein replied: "No, no, we'll carry on as fast and as hard as we can. It is a big project and there are very many constituents involved and we are at the beginning. But we will carry on because we believe in the business, in Chelsea FC and the area and we know, over time, Stamford Bridge needs redevelopment."
The full speech from Isitt can be read here.
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