English Premiership

Chelsea stadium plans revived

2011-11-24 19:55
Roman Abramovich (File)

London - Russian tycoon Roman Abramovich's interest in building a new stadium for his Chelsea football club at Battersea Power Station in London has been revived after a bid by Malaysian firm SP Setia to buy into the red-brick pile was rebuffed.

On Thursday, SP Setia told stock exchange Bursa Malaysia that Lloyds Banking Group and Ireland's National Asset Management Agency had rejected its £262 million ($407 million) bid to buy senior debt linked to the site.

"NAMA and Lloyds have informed SP Setia via a letter dated on 23 November 2011 that they do not intend to engage further on the preliminary offer at this stage," the Malaysian company said in a filing with Bursa Malaysia.

Battersea's imposing white brick chimneys have been a feature of London's skyline for almost 80 years, but schemes to redevelop the site, which is currently owned by Real Estate Opportunities, have repeatedly run aground since power production stopped nearly three decades ago.

Late on Thursday, a spokesman said the Abramovich-owned, London-based Chelsea football club had appointed Almacanter as development partner, and picked architectural firm Kohn Pedersen Fox to undertake a feasibility study of Battersea.

"In light of current developments we now think it prudent to look again at the feasibility and potential for the BPS site to be developed for a football stadium," the spokesman said in an e-mailed statement.

"In the past we've talked to various people with interests in Battersea Power Station, but we haven't had any substantive discussions with anyone regarding that site for several months," the spokesman said.

Chelsea football club, which plays in a blue strip, has not made a decision to leave Stamford Bridge and would continue to investigate various options close to Stamford Bridge.

No other details of the Abramovich plan were immediately available.

In the past week, media reports said SP Setia had agreed terms with Irish company Real Estate Opportunities to take a majority stake in the red-brick power station and help fund a £5.5 billion site redevelopment.

Lloyds, NAMA and Real Estate Opportunities all declined to comment.

On October 26, Real Estate Opportunities said a number of potential global investors were expressing strong interest in committing to the Battersea development project, which it said was valued at £500 million.

At 16:18 GMT, shares in AIM-listed Real Estate Opportunities REO were unchanged at 0.85 pence.

Lenders to the power station's owner waived a debt maturity deadline in August while talks with potential new equity partners for its redevelopment continued.

The 10.1 million square-foot redevelopment of Battersea Power Station is one of the largest regeneration proposals being considered in London. It involves an extension to the Northern Line underground railway, and the construction of thousands of homes, retail and office space.

Read more on:    epl  |  roman abramovich


Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.
Live Video Streaming
  • Blitz
    Mon, 24 Nov 2014 @00:00
  • SS1
    Mon, 24 Nov 2014 @01:00
  • SS2
    Mon, 24 Nov 2014 @02:00
  • SS3
    Mon, 24 Nov 2014 @03:00
Video Highlights
Sport Talk

05 December 2015
Stoke City v Manchester City, Britannia Stadium 14:45
Arsenal v Sunderland, Emirates Stadium 17:00
Swansea City v Leicester City, Liberty Stadium 17:00
Manchester United v West Ham United, Old Trafford 17:00
Southampton v Aston Villa, St. Mary's Stadium 17:00
West Bromwich Albion v Tottenham Hotspur, The Hawthorns 17:00
Watford v Norwich City, Vicarage Road 17:00
Chelsea v Bournemouth, Stamford Bridge 19:30
06 December 2015
Newcastle United v Liverpool, St. James' Park 18:00
07 December 2015
Everton v Crystal Palace, Goodison Park 22:00
Team P W PTS
Previous Results

Date Home Team Result Away Team

Who was the best summer signing in the EPL?

Love 2 Meet
Sport24 on Twitter

Follow Sport24 news on Twitter


30 of the world's greatest golfers will be heading to the Gary Player Country Club for this year's Nedbank Golf Challenge - now in its 35th year. For all the latest news, player profiles, hole-by-hole descriptions and past winners, be sure to check out Sport24's dedicated section.

Latest blogs

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

There are new stories on the homepage. Click here to see them.