OPEN LETTER TO SHAREHOLDERS OF CPO Recently, the club wrote to Chelsea Pitch Owners (CPO) asking the shareholders to allow the club to buy back the freehold land on which the Stamford Bridge stadium sits. We believe there has been a lot of incorrect information spread through social media and otherwise regarding our proposal and we have tried to correct the misinformation through meetings with groups of shareholders, press briefings and information on the club website. We believe we have been transparent and all our fans should rest assured there are no hidden agendas. Over the last few years, the club has made representations to the local authority regarding sites nearby. These representations are vital to ensure we protect our long-term position in relation to potential development sites in south-west London. It goes without saying that a move to another site in south or west London would be our first choice. We emphasise that no decision to move has been made. But in order to give the club the option to move quickly, if the circumstances require, we need the ability to assure possible stadium development partners that we are permitted to leave Stamford Bridge and also able to use the development profits to help fund a new stadium. All development profits from Stamford Bridge would be used to partially fund a new stadium, and for no other purpose. We also believe the protection Chelsea Pitch Owners gave the club in the 1990s is no longer necessary. CPO was formed when developers had their eye on this land, and there was a mortgage on the site. The developers were looking for ways to push the club out against its will and redevelop the Stamford Bridge site which, at that time, was worth more than the club sitting on it. Now the club is worth significantly more than the site. But Stamford Bridge is severely limited and we are unable to expand the stadium in a financially viable way. There is simply only so much you can fit on a site that is less than 12 acres. We believe our proposal is a fair one. We know there is no one proposal that will please all fans. What we tried to do is meet most concerns and get the support of the CPO shareholders. We can assure you we all want what is best for Chelsea FC and its fans. If we are not in a position to take up an option of a larger stadium sometime in the future, we will be faced with our matchday revenues continually dropping against those of our competitors. Since Mr Abramovich bought the club in 2003, it has enjoyed the most successful period in its history. The owner and the Board want to build on that and we believe a vote in favour of the proposals is a vote for a continuation of that success. Bruce Buck Eugene Tenenbaum Ron Gourlay http://www.chelseafc.com/page/LatestNews/0,,10268~2487532,00.html
