A Malaysian consortium has completed the acquisition of the Battersea Power Station site on the banks of the River Thames in London, calling time on Chelsea FC's plans to build a new stadium there.
SP Setia and Sime Darby have shelled out £400 million for the 39-acre site and will now press ahead with proposals to build a multi-use development at the location.
Despite losing out to the consortium during the tendering process, Chelsea had not given up on its vision for Battersea and last week released images of what its new ground would look like.
However, the success of the negotiations, resulting in this week's sale, means that the European champions will now have to look elsewhere.
The consortium says it will take 15 years to complete the redevelopment work, but conceded that "there is no assurance that external factors may not delay completion of the project," Reuters reports.
Author: Editor Gavin Pearson (email@example.com or 0207 202 0255)