Your support helps us to tell the story
As your White House correspondent, I ask the tough questions and seek the answers that matter.
Your support enables me to be in the room, pressing for transparency and accountability. Without your contributions, we wouldn't have the resources to challenge those in power.
Your donation makes it possible for us to keep doing this important work, keeping you informed every step of the way to the November election
Andrew Feinberg
White House Correspondent
Chelsea's hopes of moving to Battersea Power Station have been extinguished after a Malaysian consortium completed a £400million purchase of the London landmark.
The Blues are considering moving away from Stamford Bridge and had lodged a bid to move to the iconic 39-acre site on the south bank of the River Thames.
The west Londoners released plans in May that detailed how they hoped to turn the derelict site in to a 60,000-seater stadium incorporating the four famous chimneys.
Administrators Ernst & Young revealed last month that they had shunned the Blues' offer, opting instead to name a Malaysian consortium as the preferred bidders.
And after a 28-day due diligence process, the consortium's bid has been rubber-stamped.
"Following a global marketing process that started in February 2012 and covered all major world wealth centres, a consortium comprising SP Setia, Sime Darby and the Employees' Pension Fund of Malaysia have exchanged contracts on the (Battersea) site for £400m," a statement from Ernst & Young read.
The consortium have planning consent to build 3,500 homes and 1.7 million square feet of office space. They also plan to build a tube station on the premises that will connect to the Northern Line.
Last year Chelsea failed in their bid to buy back the freehold of the 42,000-capacity Stamford Bridge from supporters group Chelsea Pitch Owners.
PA
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments