History
Chelsea suffered serious financial troubles during the 1970s and 1980s following a large-scale attempt to renovate Stamford Bridge. The financial crisis and a subsequent change of ownership at the club culminated in the sale of the Stamford Bridge freehold to property developers Marler Estates (and subsequently Cabra Estates). The move almost saw Chelsea lose the stadium.
The future of the stadium (and hence the club) was only secured in 1992, when the property developers were bankrupted by a market crash, allowing the then-chairman Ken Bates to do a deal with their bankers and to regain control of the stadium for the football club. Following this, Chelsea Pitch Owners was created, and in 1997 it purchased the Stamford Bridge freehold, the turnstiles, the pitch and the Chelsea FC name with the aid of a non-recourse loan of £10 million from Chelsea Village plc, the parent company of the club. The CPO in turn granted the club a 199 year lease on Stamford Bridge at a peppercorn rent.
Read more about this topic: Chelsea Pitch Owners
Famous quotes containing the word history:
“As History stands, it is a sort of Chinese Play, without end and without lesson.”
—Henry Brooks Adams (1838–1918)
“The whole history of civilisation is strewn with creeds and institutions which were invaluable at first, and deadly afterwards.”
—Walter Bagehot (1826–1877)
“A great proportion of the inhabitants of the Cape are always thus abroad about their teaming on some ocean highway or other, and the history of one of their ordinary trips would cast the Argonautic expedition into the shade.”
—Henry David Thoreau (1817–1862)