Chelsea's £80m deal accepted as Blues look to take next step under Boehly

17 October 2023 , 13:43

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Todd Boehly's hopes of redeveloping Stamford Bridge have been boosted. (Image: PA)

Chelsea’s redevelopment of Stamford Bridge has moved a step closer after the club had its offer to purchase 1.2 acres of land adjacent to the stadium accepted.

The club will pay £80m to buy the land owned by Stoll, a housing provider for veterans, and it is expected to come into their possession in 2025.

Chelsea ’s owners, led by chairman Todd Boehly, have been clear that they need to play in front of bigger crowds and boost matchday revenue as they continue to lose ground on rivals with newer and bigger stadiums. But they have not committed to any specific plan and could still attempt to build a new ground elsewhere, despite complexities with supporters and Chelsea Pitch Owners, who own the stadium’s freehold.

However, the Stoll deal has now at least provided the club with the ability to develop the west side of the Bridge. The stadium currently holds 40,173, making it the ninth-biggest ground in the Premier League this season.

Stoll said in a statement: “The board carefully considered refurbishing the site or rebuilding part of it, and concluded that any refurbishment would require funds that the charity simply does not currently have, and would also require current residents to leave their homes.

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“The sale will enable Stoll to establish new properties which would provide higher quality, more sustainable housing with greatly improved grounds, accommodation and facilities, while also securing the long-term financial sustainability of the organisation and enhancing its services to veterans.”

Stoll said that they will retain 20 flats on the site and residents will not be required to vacate immediately.

Stamford Bridge is only the ninth biggest ground in the Premier League. (Getty Images)

Its chief executive, Will Campbell-Wroe, said: “The veterans are the heart of this organisation and we continue, as we have always done, to act in the best interests of the charity and its beneficiaries.

“The Chelsea FC ownership group’s offer enables us to limit uncertainty for residents and offer support over a longer period of time.

“The site at Fulham is just not fit for purpose for the long term and while this is a difficult time for our residents, it is something we must do, to enable us to support veterans now and in the future. We are enhancing our robust support programme for our residents during this process and our commitment to them will continue to be at the forefront of all we do at Stoll.”

Alan Smith