Abramovich all set to move Chelsea away from Stamford Bridge

Last Updated: Oct 04, 2011, 13:36 PM IST

London: Chelsea owner Roman Abramovich is all set to move the club away from Stamford Bridge, overlooking 106 years of history.

He has spent almost one million pounds on ideas to re-develop the ground, including dismantling it down and starting again.

But the only real option is to sell up and build a 60,000-capacity stadium nearby which would generate an estimated extra 50 million pound-a-year in revenue.

Abramovich does not, however, own The Bridge, as the pitch and stands belong to thousands of fans who formed Chelsea Pitch Owners plc to stave off developers 14 years ago, a leading daily reports.

The Russian billionaire has made a 10 million pound offer to buy back the freehold from the fans who bought 100 pound shares to raise around 1.5 million pound and pay off a further 8.5 million pound loan.

The Bridge boasts 13 acres of prime West London real estate and Abramovich wants the income.

That’s why he will pay off the outstanding loan and buy back the shares at the original 100 pound purchase price.

ANI