THE Royal Bank of Scotland yesterday announced the sale of Chelsea's
Stamford Bridge stadium, one of the bank's highest-profile assets, to a
director of the football club for #16.5m.
Three years ago, Royal Bank acquired the company which owns the
freehold of the ground. The purchase was part of a rescue deal which
allowed Chelsea to remain at Stamford Bridge following the collapse of
the stadium's previous owners.
The ground's new owner is Matthew Harding, a lifelong fan of the west
London club and chairman of The Benfield Group reinsurance company.
Mr Harding has already committed #5m to the construction of a north
stand, which has transformed Stamford Bridge. He has also provided #2.5m
to fund player purchases.
The 1992 rescue deal, which ended years of uncertainty and legal
battles, gave Chelsea a new 20-year lease and the right to buy the
stadium within this period. The club retains the right to purchase
Stamford Bridge from Mr Harding.
Royal Bank said its discussions with the director had been based on
safeguarding the future of Chelsea and its ground.
Dr George Mathewson, chief executive of the Edinburgh-based bank,
said: ''We are particularly proud of the role we at the bank have played
in enabling Chelsea to consolidate their position and go on playing at
Stamford Bridge into the future.''
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