Chelsea have lost out on securing the abandoned Battersea Power Station site, as they look to find suitable grounds to build a new stadium.
The club were outbid by two Malaysian companies, SP Setia and Sime Darby who have acquired the rights.
The newly-crowned Champions League winners have been looking for a new site on which to build a stadium as their current home, Stamford Bridge, is deemed too small as it is unable match the revenues that Manchester United and Arsenal bring in.
When they submitted their plans last month, Chelsea revealed that they would turn the site into a 60,000-seater stadium which would be “one of the most iconic in the world”.
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Around 15 bidders submitted plans last month to buy the site on the River Thames, after proposed plans to turn the area into homes, shops and offices collapsed in December.
A decision was made on Thursday morning and a statement followed from administrators, Ernst & Young, confirming the news:
The statement reads: "Following an extensive global marketing campaign, undertaken by Ernst & Young Real Estate Corporate Finance and Knight Frank LLP, the joint administrators are pleased to announce that on Wednesday 6 June 2012 they entered into an exclusivity agreement with SP Setia and Sime Darby and are working towards a timely exchange and completion of the site and associated land."