Chelsea will not be building a new stadium at Battersea Power Station.

The Blues, who won the Champions League last season, are considering a move away from their current Stamford Bridge home and had submitted a bid for the 39-acre location. In May, the club announced details of their proposal for a 60,000-seat stadium including the restoration of the 1930s power station with its four recognisable chimneys.

However, site administrators Ernst & Young revealed last month that they had rejected Chelsea's offer, instead naming a Malaysian consortium as the preferred bidders. The consortium have now announced the completion of a £400m deal for the site.

"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 site for £400m,'' a statement said.

Posted on 06/07/2012